Mortgage Broker Refinancing
A mortgage refinance is when you pay off your current loan and start a new one. By doing your refinance with a mortgage broker you can access the equity in your home, and you may even be able to obtain a lower interest rate!
Start Your Mortgage Refinance
Refinancing is a great option when you’re looking to do renovations, obtain a second property (cottage or rental), or consolidate debt. Alex Lavender helps you get the best rates when you switch lenders to refinance your mortgage.
Best of all as a mortgage broker his refinancing services are completely free when using traditional lenders!
Alex has access to a wide array of lenders, even if you have a low credit score, or you are self-employed there are options available.
Minimum Requirements
$200k minimum house value
HRM Area
Refinance up to 80% of house value
Start Your Refinancing:
Top 3 Reasons To Refinance Your Mortgage
LOWER INTEREST RATE
- Save money by taking advantage of lower interest rates
- Bankruptcies must be discharged
- Consumer proposals can stay in effect
ACCESS EQUITY (CASH)
- Refinancing allows you to take out equity
- Up to 80% of your property value (minus debts)
DEBT CONSOLIDATION
- If you have enough equity in your home
- You may be able to refinance to pay off high interest loans
Meet Our Refinancing Team
Our mortgage refinancing team has relationships with a variety of lenders. From private, to alternative and reputable big banks. Our team researches to find your approval at multiple lenders for an app. We can even work with individual who have had bad credit or bankruptcy.
Alex Lavender is the author of “Mortgages For Millennials” and a mortgage broker. He has been helping Nova Scotians get their dream home for years. He takes pride in overcoming traditional loan barriers to purchase your property.
He takes pride in helping Nova Scotians purchase their first homes, refinance their current homes, or obtain a loan when no other options are available.
Alex listens to your situation and uses the necessary information to provide you with a variety of options from different lenders, including the big banks.
How To Refinance With A Mortgage Broker
1. BREAK YOUR EXISTING MORTGAGE
To start your refinancing you will break (exit) your current mortgage and take on a new one with a different lender.
There will be a prepayment penalty when you break your mortgage. Usually around 3 months worth of interest charges. Your mortgage broker will help you determine if a new loan will be worth the cost of breaking your current one.
2. ADD HELOC
A HELOC is a “home equity line of credit”. It gives you access to the equity in your home in the forms of a line of credit. Typically you get a HELOC with a very low interest rate, because it it secured by your home.
If you are wondering how much of a HELOC you are eligible for talk to a mortgage broker to help you out. Or lookup some online calculators, as a general reference.
3. BLEND AND EXTEND
Your current mortgage lender may offer you a “blended rate”. Which blends your penalty into your new mortgage rate.
These rates are almost always higher than most competitive mortgage rates. So make sure you use a mortgage broker to find the best rates and lenders available.
Current Mortgage Rates
5 Year
Fixed
5.09%
3 Year
Fixed
4.94%
5 Year
Fixed Special
4.84%
5 Year
Variable
6.50%
5 Year
Variable Special
6.20%
*Rates are updated every week. Rates may vary, and be subject to additional qualify criteria to obtain top rates.
Pros and Cons Of Refinancing
A mortgage refinance is an important financial decision that should not be made lightly. While there is the potential to save you thousands of dollars over your term. There are some risks with refinancing that you should be aware of. This summarizes the pros and const of mortgage refinancing.
Pros of Refinancing
- Getting a lower interest rate and saving money
- Consolidate debt with a lower rate
- Access equity built up in your home
- Swap between variable and fixed rates
Cons of Refinancing
- Paying the penalty may be more than the savings
- Accessing equity puts you into more debt
- Switching rate type might not work out to your advantage
LearN
How Broker Services Work:
- FREE to use, we work for you, not the banks. Giving you the ability to choose between multiple lenders and compare rates side by side.
- Mortgage expertise, by working with a variety of lenders we have all the experience you need. We’ll do the heavy lifting to let you choose the loan that is the best for you!
- Efficient, we use your information to pull real mortgage approvals from multiple lenders. You can get mortgage rates from all the banks and lenders all in one place.
Refinance Mortgage Calculator
What You SHould Know
Refinancing FAQ
Is a mortgage broker refinance better than a bank?
Getting multiple mortgage rates from a variety of lenders is the key reason people use a broker. Because mortgage brokers work with many lenders including major banks they often have access to better rates than people who just shop at the big banks.
When should you refinance your mortgage?
You should refinance your mortgage if interest rates have dropped, if you want to consolidate debt, or if you want to access equity in your home. Somethings this can occur if your house has increased in value.
Why should you use a broker to refinance?
Refinancing with a mortgage broker is a great way to lock in lower interest rates. Blended mortgages are typically much higher than the competitive mortgage market. A broker allows you to access the best rates from a wide variety of lenders.