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Mission 35

We can help with
mortgage refinancing.

Refinancing your mortgage to pay off your other debts can be a great way to improve your monthly cashflow. By consolidating all your debts into your mortgage, it may be possible to actually pay off your mortgage faster and for less money each month. Mortgage refinancing is the process of replacing your current mortgage with a new one that has more favourable terms.

There are many reasons for mortgage refinancing. Maybe interest rates were higher when you first got your mortgage and they are lower now. Taking advantage of a lower rate can leave you with substantial cash that can be used to fund major expenditures. Whatever your intention is, the money provided by this widely used process can assist with large purchases, renovations or unforseen medical expenses.

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Large purchases.

Maybe you need to buy a new car or pay tuition for a college-age child. If you don’t have the available capital on hand to do so, debt consolidation in the form of mortgage refinancing will allow you to afford these bigger items with ease.

Renovations to your home.

Many older homes require extensive renovations so that owners can realize maximum value at the time of resale. New floors, countertops, kitchens and bathrooms, however, can be very costly. Debt consolidation allows you to make this investment with greater ease.

Unforeseen medical expenses.

Getting a tooth replaced or suddenly requiring new medications are stressful situations unto themselves. Not being able to actually afford them makes the situation even more troublesome. Using the capital you’ve established in your home to cover costs like these becomes a very efficient way of managing life.

Other ways debt consolidation & mortgage refinancing can help.

Lower interest rates.

Rate-and-term refinancing is the process of renegotiating your mortgage if interest rates have increased since you first obtained it. Lower rates will decrease your monthly payment, leaving you with extra money to put towards the things that matter.

Lower your credit card debt.

Many people make the mistake of carrying credit card debt to fund life expenses. With exorbitant interest rates, this method of borrowing ends up costing the borrower much more per month than if they were to do mortgage refinancing. If you are paying major interest rates on money you’ve borrowed on your cards, debt consolidation and mortgage refinancing become effective financial planning options. You have established equity in your home, and it can be used to help you.

Paying off high interest credit card debts.

Refinancing other loans into your mortgage can make monthly payments more affordable. A mortgage is typically the lowest rate debt you can get.

WE CAN HELP

Talk to a mortgage broker today.

Mortgage refinancing can have real, life-changing effects, so don’t delay! A simple conversation can leave you with more money and less stress. It is important to come prepared. Depending on your goals, we may require a copy of your T4 slip, notice of assessment, property tax bill, mortgage statement, and bank statements.

Call us today and we will be happy to help you.

905-574-5255

Mortgage Document Explained.

Identification

2 pcs of ID – one photo (no health cards) and a secondary of one of the following: birth certificate, major credit card/bank card bearing name and signature, passport, SIN Card.

Lawyer

Name, phone number and address of your lawyer.

Void check or Pre-Authorized Debit Form

For the account where the mortgage is to come out of.

Income verification

If you are an hourly/salary employee:

  • Letter of employment, recently dated and signed by HR/Manager/Supervisor, confirming your: start date, annual income, hourly rate/salary, job title and confirmation of FT or PT status
  • Last two recent pay stubs
  • Last two years T4s
  • Last two years Notice of Assessment (if any taxes are owing, require verification they are paid by way of CRA Statement of Account)

If you are self-employed:

  • Last two years T1 General (FULL VERSION – NOT SUMMARY!)
  • Last two years Notice of Assessment (if any taxes are owing, require verification they are paid by way of CRA Statement of Account)
  • Business License OR Full Articles of Incorporation
  • Last 6 months of business banking statements
Down payment

If you are purchasing with less than 20% down payment:

  • Banking statements for the last 90 days for each account holding down payment and closing cost funds, and for the account where the deposit came from.

If you are purchasing with 20% or more down payment

  • Banking statements for the last 90 days for each account holding down payment funds, and for the account where the deposit came from.

***Your name and account number must appear on all bank statements****

Mortgage Statement

If you own a property:

  • Recent Annual Mortgage Statement
Property Tax Statement

If you own a property:

Recent property tax statement confirming taxes are up to date

Leases

If any property you own is a rental:

  • Fully signed lease confirming rental amount
  • If the lease is now expired, the last three months of bank statements will also be required to confirm ongoing deposit of rental income.

***Your name and account number must appear on all bank statements****

Separation Agreement

If you are divorced/separated

  • Full version of signed separation agreement AND/OR
  • Divorce Order
Appraisal

IF refinancing:

  • An appraisal is required by the lender, to be paid for by you, direct to the appraiser. Mission 35 will order the appraisal on your behalf.

IF purchasing:

  • An appraisal may be required by the lender, to be paid for by you, direct to the appraiser. Mission 35 will order the appraisal on your behalf and will advise you if one is needed.