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Refinancing vs. Renewing
Refinancing your mortgage and renewing your mortgage are two different things. Refinancing means you’re replacing your existing mortgage with a new one that has different terms and conditions. Renewing, on the other hand, means your mortgage term is coming due and you need to negotiate a new term and interest rate for your existing mortgage.
Step 1
Meet with a financial expert
Meet with one of our Mobile Mortgage Specialists or Financial advisors to explore your refinancing options.
Bring your ID, proof of employment income, tax documents and all the information from the home appraisal.
Step 2
Determine the value of your home
Work with your Mobile Mortgage Specialist or Financial Advisor to figure out the current market value of your home.
Calculate your potential equity. This is the difference between your home’s current market value and the outstanding balance on any loans for the home (how much you’ve paid for your home vs. how much you still owe).
Step 3
Finalize details and financing
Clearly define the purpose of refinancing, whether it be for debt consolidation, funding a vacation, home renovations, educational expenses, etc.
Review and confirm all the details of the refinancing arrangement, including interest rates, fixed or variable and open or closed mortgage, payment schedule, and any associated fees.
Once the refinancing is complete, work with your Mobile Mortgage Specialist or Financial Advisor on how to access the refinanced funds.
Debt consolidation
Combine your high-interest debt with a lower-interest mortgage, streamlining your payments and potentially saving money.
Home renovation
Access the equity in your home to fund renovations and increase your home’s value.
Lower interest rates
Refinancing when interest rates are lower can reduce monthly payments and overall interest costs over the life of your loan.
Meet our Mobile Mortgage Specialists
As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.
Have questions? That’s what we’re here for!
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Have questions about which mortgage option is most suitable for you?
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Ready to start your homeownership journey?