Refinancing

Refinance Mortgage Services in Mississauga

If you are someone who is wanting to refinance their home, there are many options you can consider. Our team at sMp Mortgages is well-versed in the world of refinancing and can provide you with top rates to assist with your financial goals.

Why do people refinance their mortgages?

Many people turn to refinance to pay off their present mortgage and take into account other loans. They are then able to acquire a new mortgage with different terms. That way, you can borrow funds to renovate your house and buy more properties.

Our loyal customers turn to us when the time comes to refinance their mortgages. We know how to replace your debt and loans with competitive interest rates successfully. That way, you can enjoy a lower interest rate, create an organized financial plan, or tackle unique financial needs. No matter what the reason is for your refinancing goals, we know how to assist you in taking the next necessary steps.

Mortgage Refinancing

Lower Your Payment

When purchasing any home or property, everyone wants to find the lowest mortgage monthly payment possible. This goal is...

Read More

Money From Your Home

If you are looking to make money from your home, you may be wondering how the financial process works. At sMp...

Read More

Consolidate Debt

Debt consolidation can be an effective strategy when paying off your mortgage and other debts. At sMp Mortgages, we...

Read More

Pay Your Mortgage Faster

Many people may feel weighed down by their mortgages, and can’t wait for the day until it is paid off. Knowing that...

Read More

What to Consider Before Refinancing

When you have thoughtfully considered a financial plan, you will need to consider multiple factors. These include evaluating your credit score, monthly mortgage, home value, and debt-to-income-ratio.

Taking Your Credit Score into Consideration

Checking your credit score is easier than ever — many online platforms will let you access it at no cost. When you are aware of your credit score, you’ll have a better idea of what refinancing options will be available to you.

Understanding Your Monthly Mortgage Payment

When you can estimate how your monthly mortgage costs will compliment your budget, then you will be better equipped to weigh your options. For instance, if you want to shorten your term, then you can evaluate how much extra you have set in your budget for a higher payment each month. However, if you want a lower monthly payment, then you’ll need to determine what you’ll need to do to lower it for the refinancing process to be worth it.

Finding Out Your Home’s Value

Before the refinancing stage, it’s crucial to do the necessary research on how much your home is worth. It will be impossible for the lender to let you borrow money without this knowledge. It is also essential if you are planning to eliminate insurance or take cash out.

If you’re wondering how to estimate your home’s value accurately, the best way is to compare it with similar houses in your location. Find the most recent sale for the most accurate estimation.

When you are aware of how much your home is worth, this number will define how much equity you will be making. All you have to do is subtract your mortgage balance from your home’s estimated value.

Your Debt-to-Income Ratio

Debt-to-Income Ratio (DTI) is another essential factor that comes into play when refinancing. This number is your entire monthly debt costs divided by gross monthly income. This ratio is how prospective lenders will determine your capabilities of repaying the borrowed funds. For DTI, lenders generally need it to be 50% or lower, with the maximum depending on the loan you acquire. If it is too high, then it will limit your refinancing options.

At sMp Mortgages, we are experts in refinancing and know how to lower your payment. We know that when you change your mortgage terms that you can better profit each month. Contact us today at 1-844-7-MY-PLAN or at mortgages@startmyplan.ca to get started

Contact Mortgage Broker
Back
Call Us Now 1.888.416.8607
Once you complete the form, we'll call you to discuss your goals. We'll ask a few questions, go over any questions you have, then provide you with a few no-obligation quotes tailored to your scenario.
Call Us Now 1.888.416.8607
Once you complete the form, we'll call you to discuss your goals. We'll ask a few questions, go over any questions you have, then provide you with a few no-obligation quotes tailored to your scenario.