Refinancing Your Mortgage in Calgary - Reich Law Office
It’s one thing to get a mortgage, but what’s now is not always and forever. Mortgages are routinely refinanced throughout the tenure of the homeowner, and for a variety of reasons. Most common, of course, is the idea of simply getting a lower payment, but there are other reasons for jumping back into the mortgage fray a second time.
You may want to use your home’s equity for large scale projects such as renovations, or purchases that require an ample amount of money to complete. Some people use refinancing as a way to consolidate debt and get the financial house in order, while still others simply like to take advantage of lower interest rates to pay a little less for their dream home. Refinancing offers solutions to a number of issues that homeowners may find themselves facing.
Equity in the home may be accessed through refinancing, and the resulting available funds may be used to do construction, additions, or repairs to the property, take a vacation, purchase a vehicle or an additional property, or simply invest the money for future return.
Lower interest rates bring their own benefits, resulting in thousands of dollars in savings over the life of the loan. Unfortunately, some loans come armed with pre-payment charges that could effectively negate any savings that might be had as a result of the refinance, so be sure to consult with a mortgage broker on all the possible repercussions of a refinance deal.
How it works
So how does the refinance process work? Well, it is much like the process you went through when you acquired the mortgage in the first place, except that it is for a property that you already own. Also, refinancing does not pay off any debt; it merely restructures it to make it (hopefully) easier to manage. The benefits are lower interest rates and modified terms.
A number of different lenders will have refinancing plans available, so don’t hesitate to speak to more than one. You will even want to apply for more than one so you can pick the best possible deal available to you. Online mortgage calculators are invaluable tools when it comes to determining the best loan terms for your situation.
Once you have determined the lender, the process will proceed much as it did before, getting approved for the refinance, and then signing the paperwork for the new loan. In many ways, it will probably remind you of the day you closed on your home initially, only this time you will hopefully be seeing your payment drop in accordance with more agreeable interest rates.
How Reich Law Office can help
The law offices of Jim Reich work with people looking to refinance their mortgages, drafting all proper documentation, preparing the final paperwork, and overseeing the details of the closing. Jim brings over two decades of experience to the table in all areas of real estate law, and is able to handle even the most complex cases. He is committed to working with each client to make sure they understand the process every step of the way, allowing them to enjoy the process rather than get bogged down in an ocean of undecipherable paperwork. Jim’s commitment to excellence in customer service has made him one of the A-list attorneys in real estate law.
Contact Reich Law Office today: (866) 529-7224
How We Can Help
- Buying Real Estate in Calgary
- Getting a Mortgage in Calgary
- Refinancing Your Mortgage in Calgary
- Selling Real Estate in Calgary
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Reich Law Office
212 Market Mall Professional Centre
4935 - 40 Ave NW