Are you a current homeowner with your mortgage term coming to an end? Have you been paying way more on interest than what current rates are going for today? Well, if this is you then our team at Mission35 Mortgages is here to help.
If you own a property and already have a home loan, you could qualify for a mortgage refinance. So, to help you get started, your local Hamilton mortgage agents have listed the benefits of refinancing your current mortgage.
What Is A Mortgage Refinance?
Refinancing your mortgage means you replace your existing mortgage with an entirely new one. Your old mortgage will be entirely paid off so you only have to worry about making payments on your home once a month.
Benefits Of Refinancing Your Mortgage
Many homeowners choose to refinance their Hamilton mortgage so they benefit from the current low interest rates. If you applied for a loan when rates were at an all-time high, you could potentially save hundreds of dollars every month just by refinancing. This could help you decrease your debt and save more money every pay period.
You can also choose to refinance your existing mortgage if you are wanting to change your amortization period. If your loan term is coming to an end and you do not have the funds to pay your loan off entirely, you could extend your amortization period through a mortgage refinance. You could also shorten your amortization period if you originally applied for a 30-year mortgage but are interested in changing to a 15-year mortgage.
How To Qualify For A Mortgage Refinance
If you are looking to refinance your mortgage, be sure and have a good credit score and a stable income. It is also important to have at least 20% of the equity in your home. Your home’s equity builds overtime whenever you make a payment towards your mortgage.
For more details on refinancing your Hamilton mortgage or if you would like to get started on your application today, please contact the Mission35 Mortgages team at 905-574-5255.