Mortgage refinance is acquiring a new mortgage so as to change Mortgage Company, reduce monthly payment, lower your interest rates or take the cash out of your home for a bigger endeavor. Whichever the purpose should seek the best Kelowna mortgage refinancing experts to comfortably and conveniently achieve your goals. However, refinancing also requires eligibility which includes your income, credit score, other available unsettled debt (s), property (s) under your ownership, the amount you wishes to borrow and the value of your property under the mortgage.
The refinancing options that might be available to you include:
Consolidate your first and second mortgage
You can choose to consolidate two mortgages which will help you lower their costs based on your financial situation.
This is a suitable refinance option where you can borrow up to 8o percent of the appraised value of your home less the remaining mortgage balance.
Crafting a customized solution by having a combination of line of credit and mortgage
Your new balance will therefore spread over a combination of credit that will suit your financing goals and cash flow needs. This will save you money in addition to providing higher repayment flexibility.
15-Year Fixed-Rate Mortgage
This might be a good option when you have a 30-year mortgage loan, and you can greatly reduce your total interest costs by paying off your loan sooner. This is achieved by paying a higher monthly principle amount.
30-Year Fixed-Rate Mortgage
Alternatively, if you have a 15-year mortgage, you can choose to increase the term of your loan so as to reduce the monthly payment and cater for your other financial needs.
Adjustable-Rate Mortgage (ARM)
You can also change your mortgage loan to the one that is adjustable such as 30-year 5-year adjustable-rate loan which allows your principal and interest payment after the first five years to be adjusted. The rate, in this case, is variable and, therefore, subject to change after five years. Additionally, you might decide to refinance so as to change to another ARM with better terms which include lower interest rate adjustments or payment caps.
Changing ARM to a fixed-rate mortgage
The adjustable-rate mortgage has flexible interest rates which mean your payments could either increase or decrease. The most appropriate reason to avoid an increase in the mortgage when you have an ARM is to change to a fixed-rate mortgage which will give you a peace of mind because your rates and payments will be steady.
However, to make a suitable decision on the best Kelowna mortgage reneweals, you require need qualified and professional partner and Rampone-Marsh Mortgages is your ideal choice. With expertise and knowledge in the mortgage industry, you will be guided on how best to refinance and make a comfortable payment of your mortgage as well.