What is the Process for Mortgage Refinancing in Alberta?

Navigating Mortgage Refinancing

Thinking of refinancing your existing mortgage? Let us help you with a plan. Expert mortgage help can make all the difference in ensuring the mortgage fits your needs. This blog post explores how personalized mortgage services can unlock opportunities and simplify your home financing journey.

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Reasons for Refinancing

When it comes to refinancing a mortgage, there are different reasons why one may choose to refinance instead of renewing.

• Debt Consolidation

• Home Renovations

• Lower Mortgage Payments

• Buying another Property

• Vacation

• Retirement

• and many other reasons

How to refinance a Mortgage in Alberta

1. Review Your Mortgage Refinancing Goals: Consider what you hope to achieve through mortgage refinance. This may be, lowering mortgage payments, consolidating debts, accessing equity and more.

2. Review Existing Mortgage: Whether the refinance would be done close to mortgage renewal date or long before the renewal date.

   • If refinancing before maturity date, it is important to account for any mortgage penalties for breaking the existing mortgage early and if there are any restrictions such as bona fide sales clause.

3. Consider Home Value: Lenders will typically lend up to 80% of the current property value. This may vary based on location and home value. Appraisal may be required to confirm property value.

   • Do not order your own appraisal. Appraisals must be completed by lender approved appraisers. Request for appraisal once mortgage approval is received.

4. Discovery Call: Lets connect to discuss your goals and answer any questions you may have.

5. Submit Mortgage Application and Documents: Apply Here. Upload documents onto the portal. We will review the application and help you find mortgage options.

6. Review Mortgage Options: We will go through a few lender options that suit your goals. Once you've decided on a lender, we will submit the application and documents to the lender.

7. Completion: Once mortgage is approved and mortgage conditions have been satisfied. Sign the documents and the existing mortgage will be paid off by the new mortgage.

Benefits of expert mortgage help include:

• Access to exclusive mortgage products not available to the general public

• Personalized financial analysis to determine what works best for you

• Guidance through complex paperwork and legal requirements

Lets Connect Today!