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Mortgage refinancing with Matthew Lawrence, QAFP®, helps you assess whether restructuring your mortgage could improve cash flow, consolidate debt, fund renovations or support another financial objective.
The goal is to understand both the immediate benefit and the long-term cost before making a change.
MORTGAGE REFINANCING IN NIAGARA. PROUDLY CANADIAN.
MORTGAGE REFINANCING IN NIAGARA. PROUDLY CANADIAN.
A lower payment can still create a higher cost.
A lower payment can still create a higher cost.
Refinancing can provide useful flexibility, but it may also increase your mortgage balance or extend the time required to repay it.
Prepayment penalties, appraisal and legal costs, a different interest rate and a longer amortization can all affect the result.
Without comparing the full numbers, short-term payment relief may come with more interest and debt over time.
Start with the objective, then test the numbers.
Start with the objective, then test the numbers.
Matthew begins with what you want the refinance to accomplish.
He then reviews your existing mortgage, estimated property value, available equity, income, debts and future plans. The potential benefits can be compared with the penalties, fees and long-term borrowing cost.
The right conclusion may be to refinance now, wait until renewal or leave the mortgage unchanged.
Advice that looks beyond the new payment.
Advice that looks beyond the new payment.
You work directly with Matthew to understand the available options and their tradeoffs.
He can estimate the cost of breaking or replacing your existing mortgage, explain lender requirements and help organize the application and supporting documents.
His QAFP® background provides a broader perspective on how refinancing may affect your cash flow, debt repayment, savings and longer-term plans.
What should a refinancing decision consider?
What should a refinancing decision consider?
Purpose of the Refinance
Purpose of the Refinance
What you want the additional funds or revised mortgage structure to accomplish.
Available Home Equity
Available Home Equity
The property’s value compared with the existing mortgage and other secured borrowing.
Penalties and Transaction Costs
Penalties and Transaction Costs
The cost of changing the mortgage, including any applicable penalty, appraisal or legal expenses.
Mortgage Qualification
Mortgage Qualification
How income, debts, credit and lender requirements may affect the available options.
Payment and Amortization
Payment and Amortization
How the new payment is calculated and whether the repayment period will change.
Total Borrowing Cost
Total Borrowing Cost
The interest and costs that may be paid over the life of the revised mortgage.
Frequently Asked Questions
Frequently Asked Questions
Can I refinance before my mortgage renewal?
Can I refinance before my mortgage renewal?
Yes, but changing a closed mortgage before maturity may result in a prepayment penalty. That cost should be included when comparing the available options.
How much equity can I access?
How much equity can I access?
The amount depends on the property’s current value, the debt already secured against it, your ability to qualify and the lender’s requirements.
Can refinancing help consolidate debt?
Can refinancing help consolidate debt?
It may allow higher-interest debts to be combined with the mortgage at a lower rate or monthly payment. Extending that debt over a longer period can increase the total interest paid, so the complete cost should be reviewed.
Will the property need an appraisal?
Will the property need an appraisal?
A lender may require an appraisal or another form of property valuation. The requirement depends on the application, property and lender.
Test the refinance before changing the mortgage.
Test the refinance before changing the mortgage.
You do not need to know your exact property value or current mortgage penalty to begin.
Complete the short form and tell Matthew what you would like the refinance to accomplish. He will follow up personally to discuss the numbers and the most useful next step.
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