Refinancing
Access your home equity to make life better.
The equity in your home is available to help you consolidate and payout debt, renovate and improve your property or purchase another property or investments to improve your wealth. It can empower you to improve your world.
We could help you use this equity to payout all your other consumer debt, drastically reducing your monthly payments, so you can breathe deeper, sleep better and start to take control of and plan for your future instead of existing to pay next month’s line of credit bill.
We could build a plan that uses the increased value of your home to replace your windows and roof, to upgrade to a kitchen worthy of your chef skills, to create a he/she cave in the basement or to establish your own personal playground in the backyard.
We could help you access the value locked in your home to purchase an investment property or to begin or enhance your investment portfolio.
Book a 15 minute Discovery Call with us at chatwithjim.ca.
Share your dreams and let’s work together to see if we can make them real.
Refinancing Strategies
Lenders will always look at credit reports first and then compare debt and proposed mortgage payments to income second. So, like all big financial decisions, it is best to start with a short discussion with a professional so we can get on the same page about what you want to make happen. Pick a date and time for a 15 or 30 minute call at chatwithjim.ca. and let us show you how we can help.
You can increase an existing mortgage up to 80% of the current market value of your property. You need enough income to qualify for the new mortgage but with recent significant increases in property value, most people have more equity available to be put to work than they are aware of. This will be part of our first discussion when exploring options to meet your goals.
It can make a difference in many ways. It can almost instantly improve your credit score. It can make a significant difference in your monthly budget. For example, increasing your mortgage to pay out $20,000 in credit card and line of credit debt could increase your mortgage payment by just $90 per month, saving you several hundred dollars monthly.
If you have enough equity and income, we could pay out all consumer debt leaving you with just a mortgage payment and an investment/savings plan for the future.
There will be both legal and appraisal costs as this will be a new mortgage. In some cases, we can avoid paying a penalty on your current mortgage by working with your existing lender. Other times, it is worth paying the penalty to start a new term with the same or different lender. This is part of the analysis we do and provide you when making a decision of next steps.
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