Tuesday, November 25, 2014

Refinancing

Let's talk about Refinancing your Mortgage:

When can you Refinance:  Anytime, but......  below is a list of what to you should know before you do:)

1. The maximum you can refinance a mortgage to is 80% of the value of your home - So if you have 30% equity in your home then you can take 10% out to use for the refinance to cover such things as:

1. Other Investments
2. Pay off Debt
3. Renovate your home
4.Cover kids tuition for secondary education
5. Anything you may decide to use it for..........
6. Get into a much lower rate and have some cash on the side

2. The value of your home is determined by a bank ordered appraisal - this is billed to you but must be ordered by the bank - if you are not sue how much equity you have in your home contact me to go over some techniques I use to determine an approx. value.

3. Remember:  A refinance means you must break your current mortgage which depending on your the mortgage term and type of mortgage can come with different penalties - again call me so I can get you on the right path to obtain all this information.

4. You must qualify for a refinance just like you did for your original mortgage.

Contact Amy Wilson today 780-919-0475 or go to my website and fill in an online application to get started - www.yourmortgagegirl.ca

I can walk you through the process step by step:)

HAVE MORTGAGE QUESTIONS.... I AM HERE TO HELP!
MORTGAGE OPTIONS.... NOT RESTRICTIONS
AMY WILSON
Verico Brokers For Life

 
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