How long does it take to refinance a mortgage?

Generally speaking, it takes about 4-6 weeks to complete the refinance process. This timeline may vary depending on circumstances such as credit score and availability of documents needed. The time spent refinancing is typically worth the effort if you can save money by securing a better interest rate or reducing your overall loan term.

How much does it cost to refinance a mortgage?

Costs associated with refinancing vary depending on the lender and type of loan you are considering. Most lenders will charge closing costs, origination fees, and other fees which can add up to a significant amount of money. As with any mortgage approval, be sure to speak with your lender for an estimated cost before making any decisions.

Is there a penalty for paying off my mortgage early?

It depends on the terms of your specific loan agreement. Some loans come with prepayment penalties if you pay off the loan in full before the end of its term. Check your loan documents or talk to your lender if you're unsure whether paying off your mortgage early will incur any additional costs or penalties.

What is the difference between a cash-out refinance and a rate and term refinance?

A cash-out refinance allows you to access the equity in your home for things like investments, vacations, or other expenses. With a rate and term refinance, you can still tap into some of your home's equity but it is solely used to reduce the interest rate or shorten the loan's term. It is important to consider your individual financial goals before deciding which type of refinance is right for you. Give us a call now to learn more about refinancing your mortgage!

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Call: (647) 895-3921

Email: info@easymortgagelend.com

Address: 675 Cochrane Drive, Markham, Ontario L3R 0B8, Canada

Mortgage Refinancing in Markham

We offer an array of services to guide you through a successful mortgage refinance experience. We’ll help you compare different loan options offered by numerous lenders , advise you on which loan will be right for you and your goals, and take care of all the paperwork.

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Mortgage Refinancing Made Simple

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Mortgage refinancing is a process that allows homeowners to replace their current mortgage with a new loan, often with different terms and conditions. It can be a complicated and intimidating process. With EasyMortgageLend, you can make the mortgage refinance process hassle-free and straightforward. We understand that you want the best interest rate for your mortgage loan, so we provide competitive rates from leading lenders across the country.

Our experts work with you to determine what type of mortgage loan is best for you based on your individual needs, goals, and financial situation. Once approved, our team quickly processes all paperwork to get your loan closed as efficiently as possible.

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Signs It's Time To Refinance Your Mortgage

01

Your Credit Score Has Improved

If your credit score has improved and you are now in a better loan tier, you may be able to qualify for more favorable terms on your mortgage. Refinancing can help you get a lower interest rate or even switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, which could result in significant savings over the life of the loan.

02

Interest Rates Have Dropped

Refinancing isn't just for people with bad credit. If interest rates drop since you first got your mortgage, it's worth considering refinancing for the savings on monthly payments and overall cost of the loan.

03

You Want to Tap Your Home Equity

Refinancing also allows you to tap into some of your home's equity for other purposes. If you need money for renovations, repairs or other big expenses, refinancing can provide access to funds without having to sell or use high-interest credit cards. You'll be able to pay off the existing mortgage while also receiving additional funds that can be used however you want.

04

You've Paid Down Your Mortgage Balance

If you've paid down your mortgage balance, refinancing can help you take advantage of the equity in your home. You may be able to reduce monthly payments by taking out a new loan with a lower interest rate and a longer term that spreads out the cost over more months.

With our expertise, experience, and knowledge, we can ensure that your mortgage refinance goes as smoothly as possible.

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Frequently Asked Questions

Answered below are some of the questions we most commonly receive.

How long does it take to refinance a mortgage?

Generally speaking, it takes about 4-6 weeks to complete the refinance process. This timeline may vary depending on circumstances such as credit score and availability of documents needed. The time spent refinancing is typically worth the effort if you can save money by securing a better interest rate or reducing your overall loan term.
How much does it cost to refinance a mortgage?

Costs associated with refinancing vary depending on the lender and type of loan you are considering. Most lenders will charge closing costs, origination fees, and other fees which can add up to a significant amount of money. As with any mortgage approval, be sure to speak with your lender for an estimated cost before making any decisions.
Is there a penalty for paying off my mortgage early?

It depends on the terms of your specific loan agreement. Some loans come with prepayment penalties if you pay off the loan in full before the end of its term. Check your loan documents or talk to your lender if you're unsure whether paying off your mortgage early will incur any additional costs or penalties.
What is the difference between a cash-out refinance and a rate and term refinance?

A cash-out refinance allows you to access the equity in your home for things like investments, vacations, or other expenses. With a rate and term refinance, you can still tap into some of your home's equity but it is solely used to reduce the interest rate or shorten the loan's term. It is important to consider your individual financial goals before deciding which type of refinance is right for you.

Give us a call now to learn more about refinancing your mortgage!