Refinancing your mortgage allows you to payoff your existing mortgage(s) and replace it with a new one. By doing so you can help improve your financial situation through
- Lowering interest rates
- Lowering your monthly payment
- Increasing your home value with renovations
- Consolidating debts
- Shortening your term and paying your mortgage off sooner
- Accessing home equity for investments or tuition
- Use the equity for a special event – wedding, vacation, etc.
We work for you, not the lender
Don’t let your existing mortgage lender scare you with the words “prepayment penalty” if you break their mortgage early. By breaking your mortgage contract early for a lower interest rate, you may save money overtime depending on the penalty amount your existing bank will charge you and size of your current mortgage.
At Canada East Mortgages, we believe refinancing your mortgage should help improve your financial situation. If a prepayment charge will result in a financial situation that is not improved through a refinance, we may suggest that it is wiser to stay with your current mortgage and follow up with you closer to renewal date or find another solution to meet your needs.
Our Mortgage Specialists will help you determine if breaking your mortgage to refinance will save you money in the long term. If so, any of the prepayment amount can be absorbed into the new mortgage refinance and you have no out-of-pocket expenses to pay. We can even incorporate legal fees into the refinance.
To review all your available options, contact one of our Mortgage Agents today for a no obligation, no cost evaluation.