Lic 10845, Independently Owned & Operated
Lic 10845, Independently Owned & Operated
Menu
Menu
Menu
Mortgage Refinancing
Made Simple
All Credit types Accepted
- Get Approved with Low Interest Rates
- Access Up to 85% of the equity in your home
Mortgage Refinance
Mortgage Refinance in Milton
Mortgage Refinance, as it literally means, offers a gateway for a mortgage borrower to extend his mortgage term or gain other benefits through financing their existing mortgage payments. In Milton, Mortgage refinance is one of the common ways that people use when they are not able to payback their mortgages as required.
In simple words, mortgage refinance is a new mortgage to payback old mortgage. AKAL Mortgages Inc., provides you with the best mortgage refinance in milton so that you can churn out maximum benefits and optimize your finances.
What Are The Benefits One Can Expect?
- Lowered interest rates if the interest rates have come down in Canada
- Increased loan amount due to the increase in the property value
- Source of funding in case of emergencies
- Better loan terms such as mortgage duration
- Lowered installment amount in case the current installment is burdensome to your financial position
- Give an opportunity to get a better mortgage in case your credit score has improved
Mortgage refinance offer the convenience of bringing in place a new customized mortgage. AKAL Mortgages Inc. gets you the best mortgage refinance deal with the lowest refinancing fees in Milton.
Lendevi Expert Advice
1. To take advantage of low-interest rates
Don’t let penalties deter you; first, know the numbers. Breaking your contract for a lower interest rate can save you money over time, depending on the penalty and the size of your outstanding mortgage. If you hold a variable rate mortgage, then expect to pay a penalty of three months interest, and if you hold a fixed rate mortgage, then you will pay the greater of three months interest or interest rate differential penalty (IRD).
2. To access equity (cash) in your home
Through refinancing, you can increase up to 80 percent of your house’s value less any outstanding mortgages. That’s extra money for investment opportunities, home renovations, or your children’s education. There are several ways to access this equity including breaking your mortgage, taking on a home equity line of credit, or blending and extending your mortgage to your current lender.
3. To consolidate debt
If you have enough equity in your home, you will be able to pay-out high-interest debt through a refinance. For example, if you have a number of outstanding debts, such as a car loan, a line of credit, or credit card bills, you may be able to consolidate all of the debt through the variety of refinancing options available.
To take advantage of low-interest rates
10% on the next $200,000 = $20,000
A total of $25,000 + $20,000 = $45,000
Break your existing mortgage contract early
You can consider breaking your mortgage early if you want to obtain a lower interest rate or access equity from your home. In this case, you can do away with your existing mortgage and take on a brand new one with any lender. AKAL Mortgages Inc. can get you offers with up to 95% LTV.
Add a home equity line of credit
A home equity line of credit gives you access to the equity in your home at your own discretion. You are responsible for interest-only payments each month on the outstanding balance. You can access a home equity line of credit through your existing lender and a small subset of other lenders.
Blend and extend your existing mortgage
Your current mortgage granter might offer you a ‘blended rate’; essentially, a ‘blend’ of your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are almost always higher than the most competitive mortgage rates on the market, so make sure you compare the blended rate against the savings if you break your mortgage.
When we say YES! We stand behind our
Mortgage insurance
We Offer To You
STEPS & PROCESS
Easy Approval Process
CHOOSE YOUR SERVICE
Why You Should Choose AKAL Mortgages Inc.
Borrowers
- When we say YES! We stand behind our promise
- Mortgage solutions based on your needs and qualifications
- Fast approvals and quick closings
- Save time and money
- Lower mortgage rates due to lender discounts and promotions
- Licensed, knowledgeable and experienced
- Protect your credit score
Brokers
- The Most Important: Dedication to our agents!
- Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
- Training: Weekly training and industry updates, One on one support
- Mentoring: Specialize in Residential, Business and Commercial
- Lead Generation: Proven successful campaigns to generate leads
- Personal website; mobile Apps; online virtual meetings, e-signatures
- Lenders: VIP access to more lenders and top tier compensation
- Professional office (at no cost to you): Meet your clients at the office
FAQ
Frequently Asked Questions
For all the first time home buyers, to canalize their mortgages, there are a number government programs available. Once you are eligible for these programs, you can acquire any one of them. The government has some programs like First-time home buyers’ credit, RRSP home buyers’ plan (HBP), 5% down payment program, HST new housing rebate and Land transfer tax rebates.
5% down payment is available to you for homes up to $500,000 as the purchase price. First time Home Buyers will have to put 10% “on the portion” of the price over $500,000. For instance On a purchasing a home for the price of $700,000, the minimum down payment the buyer has to pay will be calculated as 5% on the first $500,000 payments that will be around $25,000 and 10% on the next $200,000 which would be around $10,000. So the total down payment will sum up to $35,000.