Mortgage Refinancing can be done at either time of renewal or before maturity. Each option carries different risks and requires different solutions.
When refinancing happens before maturity, it is advisable to charge a second mortgage behind the first one.
When refinancing happens at the time of renewal, it is usually best to renegotiate the lending terms with the current lender before considering different mortgage lenders.
Most homeowners take advantage of mortgage refinancing at the time of mortgage renewal to renegotiate the terms of their mortgage and draw the available equity from the property at a better rate and amortization period.
There are a few things that borrowers would want to know more about this mortgage solution. Contact your local mortgage broker or book a free consultation with one of ours for more details.
Charge a 2nd Mortgage
Charging a 2nd mortgage against the property is a suitable solution for borrowers who are looking to take equity out of the property while the first mortgage has not reached its Term maturity date yet.
Bruised Credit Not A Problem
Borrowers with bruised credit can qualify for a mortgage refinance. There are conventional and alternative lenders who will work with the borrower's financial situation.
Renegotiate and Refinance
Renegotiating the mortgage terms with the current lender is best done closer to the mortgage renewal date. Most borrowers either request for additional equity take out, extended amortization period, or both.
At Pickering Mortgage Broker, we work with lenders who are reputable and have established outstanding levels of customer service, integrity, and compliance with regulatory authorities.
Justin W, Richmond Hill
As a first time home buyer I was very nervous about buying a home. The professional staff at Matrix Mortgage Global took the time to answer my questions even after hours. I was very pleased with the service and how I was treated.
Jignesh S, Toronto
I'm a self-employed cab driver. I was devastated when my bank, with whom I've been banking with for years turned me down for a mortgage. My business is mainly cash, and I didn't meet the bank's criteria for proving my income. I found Matrix Mortgage Global online and decided to give them a call. I was surprised that I got approved. I thought that if my bank turned me down everyone would. Thanks!
Andrea C, Markham
I had 2 yrs left on my consumer proposal, with the 2nd mortgage offer by Matrix Mortgage Global I was able to pay off the proposal and re-establish my credit
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