Mortgage Refinance - Vancouver BC - Canada - Refinancing your Mortgage what Rate & Lenders are right for you?

• Why Refinance your Mortgage

  Reasons for refinance your mortgage, or increase, your existing mortgage are many. The most common case in British Columbia is to consolidate non-mortgage debt, to finance improvements to your home, or paying an early payout penalty to refinance your mortgage at a Lower mortgage rate. Let a Mortgage Broker form Mortgage Rates BC help you negotiate with your existing lender or switch to a new lender who will give you a more favorable mortgage rate. There are many factors to consider when refinancing your mortgage.
  Here's what you need to know:

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  Consolidate other debt
  Refinancing most unsecured debt like credit cards lines of credit and car loans can be at a much higher interest rate than your mortgage rate. This is done in order to compensate them for the higher risk of loss if you default. For many people it only makes sense to use available home equity to pay out this debt, as it typically reduces interest costs significantly. If the total of the existing mortgage and the debt to be refinanced is less than 80% of the value of your home, and you qualify in terms of income and credit standing, refinancing your first mortgage should be considered to save on overall interest cost. 
   

• HELP YOU UNDERSTAND YOUR DEBT AND MAKE AN INFORMED DECISION IF YOU SHOULD REFINANCE EXISTING DEBT.
  It is wise to know about the rate you are paying on this debt, penalties associated with this debt, and the length of time it will take to payoff this debt when managing credit card debt, .The infomation provided will help Canadians make a more informed decision when making a decision to consolidate their debt in other ways, such as into a Mortgage. The Minister of Finance has released new regulations to the credit card companies to help provide consumers understand of:

• Contracts and application forms through a summary box that will set out key features, such as interest rates and fees

• Provide information on the time it would take to fully repay the balance, if only the minimum payment is made every month.

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  Mandate advance disclosure of interest rate increases prior to their taking effect, even if this information had been included in the credit contract.

• To learn more about all the new Credit Card changes visit the Department of Finance Canada. This will give you a clear understanding of how your debt can be managed as well provide you with a more educated decision if you should refinance your debt into your mortgage.

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  Renovations & Home Improvements
  If you want to significant update and improve your home, you may be able to take out a lot more equity than you realized! A Mortgage Broker can advise you through this process. All insurers —Genworth and CMHC, will insure new mortgages which are "topped up" for this purpose, and the total of your current mortgage and the new funds exceeds 80% of the current home value. Not all improvements are eligible, however. Pools and spas are typical "over-improvements" which may not qualify for a high-ratio equity take-out. Of course, if the total requirement is less than 80% of your home's current value, you should have little trouble getting the "top up" you need — regardless of the degree of luxury you plan to add.

   

  Combining existing mortgages
  Where the combined mortgages result in one "high ratio" mortgage:
  If neither of the mortgages you're combining was ever insured, but combining those results in a high-ratio situation, a top up insurance premium will be required of you. You need to look closely at the total savings the combination will give you, in order to determine whether this is financially worthwhile.
  Where the combined mortgages result in a new "conventional" mortgage:
  High ratio insurance is not required. As long as you qualify with your income and credit standing, A Mortgage Broker will be able to help you achieve this quickly and conveniently.
  In both cases there is one critical consideration which causes the failure of many such refinances. The new mortgage often requires a fraction of the cash flow previously needed to service the now consolidated debt. Many who go through this process not only absorb the cash flow savings into an improved lifestyle — they either re-incur debt that they paid out, or incur debt for which they now qualify — or both. It is important to approach such a consolidation/re-combination of obligations with the clear and focused goal of applying all savings toward paying down the mortgage. Otherwise, the new mortgage will be a burden, rather than a solution. For more information contact me at 778-839-3963
  Breaking a closed mortgage to transfer to a new lender
  Many closed mortgages have the feature that allows the balance to be paid out with a penalty after a certain time has elapsed on the mortgage. Check the "prepayment" clause in your mortgage to determine your own situation, or better still, call your institution and ask them the cost of paying out in full. 

Mortgage Solutions

No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.