How to Turn Your Home Equity into Opportunity
A refinance is essentially a brand new mortgage that replaces your existing mortgage and/or other registered encumbrances either with your current lender or a new lender. If you own your home clear title, a new mortgage will be registered on your title. You have the option of keeping your mortgage amount the same or increasing it to take out extra cash. By refinancing you may be able to secure a lower interest rate and/or better terms.
Take advantage of historically low interest rates to refinance your home to pay off high interest credit card balances and other consumer loans. You may save money by consolidating these debts into your mortgage to have all debts covered in one monthly payment.
Synergy Mortgage can help you obtain lower interest rates and better terms on your new mortgage for either owner occupied homes, rental properties, or 2nd homes to:
Must not exceed 80% of the current appraised value of your home. Your lender and/or mortgage broker will arrange for an appraisal to determine the lending value.
Note: The lending value may be lower than market value.
Unless you have a fully open mortgage, or your mortgage is up for renewal, the lender will generally charge a 3 month interest penalty or the interest rate differential, whichever is greater.
Interest rate differential penalties may be difficult to calculate accurately and may change without notice. It is imperative to determine your penalty using the assistance of your Mortgage Broker.
Legal fees: $550 - $1,500
Appraisal cost: $300 - $1,000
Discharge fees: $75 - $500
For legal quotes pertaining to your specific transaction, we will provide you with a list of lender approved lawyers/Notaries.
Contact us today to discuss your mortgage needs
