Mortgage Refinancing
Thinking about refinancing your mortgage?
What Is Mortgage Refinancing?
Mortgage Refinancing allows homeowners to replace their existing mortgage with a new one to access equity, reduce interest rates, or adjust terms to better fit financial goals. It’s an opportunity to consolidate debt, fund renovations, or restructure payments for greater flexibility while keeping your mortgage aligned with your long-term plan.
Why Should I Consider Refinancing My Mortgage?
Refinancing is a smart financial move if you want to save on interest, access equity, or improve your mortgage terms. Jackie Woodward helps homeowners in Alberta review their current mortgage, compare options, and determine if refinancing is the right choice for their situation. With rates changing and lending rules evolving, early planning is key to maximizing benefits.
Step-by-Step Guide to Mortgage Refinancing
Review Your Current Mortgage:
Understand your existing interest rate, term, and any early payoff penalties to know your starting point.
Consult With a Broker:
Jackie assesses your financial situation, reviews lender options, and recommends the best refinancing strategy.
Gather Required Documents:
Provide updated income statements, debt details, and property valuation for lender review.
Submit Your Application:
Ensure all paperwork is completed accurately and submitted promptly to secure approval efficiently.
Mortgage Financing FAQ
What is mortgage refinancing?
Refinancing replaces your current mortgage with a new one, allowing you to access equity, lower your interest rate, or adjust your mortgage terms.
How much equity can I access when refinancing in Alberta?
Current rules allow refinancing up to 80% of your home’s appraised value.
Will refinancing lower my monthly payments?
Potentially. Lower interest rates or adjustments to the term can reduce monthly payments and the total interest paid over the life of your mortgage.
Are there fees or penalties for refinancing?
Some lenders charge fees or penalties for breaking your existing mortgage term, which should be reviewed with your broker.
Can Jackie help me find the best refinancing options?
Yes. Jackie works with multiple lenders to secure competitive rates and tailor refinancing solutions to your specific situation in Alberta.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.