Using our Ajax mortgage refinance service, you can pay off any existing mortgages and debts. In order to do this, we put on a brand new mortgage. This allows you to improve your financial situation in many different ways:
Often times people get overwhelmed with large numbers of high-interest loans. One reason for mortgage refinancing in Ajax is to replace many high-interest debts with a single new mortgage. This new mortgage would have a lower overall interest rate and reduce your monthly payments. Since every situation is different, we recommend contacting us beforehand so we can determine if you are also to save money.
Combine Multiple Mortgages Into a New First Mortgage
In many cases where a property has multiple mortgages, you can combine these mortgages into a new mortgage with a better interest rate. A key factor in being able to do this is the equity remaining in the property. Our private lenders usually require equity equal to 20% of the house value. Another thing to consider is the penalties for breaking the existing mortgages and the fees for setting up the new mortgage. If after penalties and fees are considered you can still save money, then you should consider mortgage refinancing in Ajax. Our team would be happy to go over your situation and explain any potential fees to you.
Financing Home Renovations
Renovations are a way of investing in your home and increasing its value. If you don’t have the cash on hand to renovate the property a new mortgage can be used as a means to finance the renovation. Mortgages are debts which are secured against real estate, which makes them less costly than credit cards and other unsecured debts.
Make Other Various Financial Investments
If you know of a great investment opportunity and don’t have the cash on hand, a mortgage can be a great way to get that cash. Many people make a lot of money by investing their cash at high-interest rates while playing lower rates for the invested money. Another benefit of this is the ability to write off the interest costs from your taxable income.
Whenever mortgages are close to ending lenders will notify the borrows around 30 days prior to maturity. Many times the terms in the mortgage renewal are worse which can put you in a difficult situation. Many times mortgage renewals come with very hefty fees or increases in the interest rate.
With our mortgages, all the fees and terms are clearly laid out and explained. We know that no one likes surprises, so we take the time to speak with your about the terms to ensure everything is clear. We’ve been able to save clients thousands of dollars by setting up new mortgages when old mortgage must be renewed.
Many of our mortgages are designed to be short-term open mortgages. This means that you can cancel the mortgage at any time without paying hefty fees. We discuss your situation with you and create a mortgage with terms that are custom tailored to your needs. We allow a variety of payment schedules, from bi-weekly to monthly, as well as interest only or interest & principal payments.
To learn how you can save money by refinancing your mortgages, call or email us today.