[By Chana Fay Charach, MB, April 10, 2017]

Synergy Mortgage can help you refinance your home to potentially obtain lower interest rates and / or better terms with a new mortgage.

You may also consider refinancing your rental properties, or 2nd homes.

Purpose and Benefits of a Refinance:
• Consolidate your debts: pay off high interest credit cards and other debts
• Cash Equity: use your cash for investment purposes and/or personal spending such as a vacation
• Renovations: home improvements, and repairs
• Major purchase: use your equity to buy a 2nd home, car, boat, a Canadian vacation property or our New program that allows funds to be used to purchase an American vacation property
• Combining a 1st & 2nd mortgage: to obtain a lower interest rate and/or better terms

WHAT IS A REFINANCE?

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.
MONEY SAVING TIP: 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.

WHAT IS THE MAXIMUM MORTGAGE AMOUNT?

Maximum Loan Amount must not exceed 80% of the current appraised lending value of your home. Your lender and/or mortgage broker will arrange for an appraisal to determine the lending value.

COST TO BREAK AN EXISTING MORTGAGE:

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 based on lender’s current rate changes.

It is imperative to determine your penalty using the assistance of your Mortgage Broker and your lender.

For legal quotes pertaining to your specific transaction please contact a lawyer or notary for a quote. We will provide you with a list of lender approved lawyers / Notaries. Legal fees will range from approximately $550.00 – $1200.00 and appraisal costs will start at about $300.00 and go up depending on value of home. Costs increase for high end, large homes, unique properties, rural homes etc. Discharge / Administration Fees may range from approximately $75.00 – $500.00. Ask us about money saving options for legals.

Please contact our brokers for a no cost no obligation asssessment.  If there is no benefit to you to refinance you do not have to proceed. You have nothing to lose!