Refinancing your mortgage
Make the most of your mortgage
and achieve your goals.
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Sometimes using the resources you have to get to where you want to go just makes sense. By refinancing your mortgage, you can take advantage of lower rates, or free up some of your home’s equity to reach other milestones in addition to homeownership.
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What is refinancing?
Homeowners refinance their mortgage for lots of different reasons. The simplest way to think about refinancing is replacing your current mortgage with a new one – ideally one with a lower interest rate or better terms – something that will help you reach your next goals.
Common reasons homeowners refinance
Is a mortgage refinance on your radar? It all comes down to what you want to achieve.
Affordability
If rates have dropped since you got your last mortgage, refinancing at a lower rate could make your mortgage payments more manageable and gives you the chance to direct those funds towards other goals.
Access equity
Whether you want to consolidate debt, work on a home reno, or set money aside for education goals, using the equity in your home is a great option and a refinance is one way to tap into it.
Flexibility
Your needs may change over time. Refinancing gives you the flexibility to move from a fixed rate mortgage to an adjustable rate, or vice versa – whatever works best for your situation.
How refinancing works
Refinancing is similar to getting your initial mortgage with a few differences. We’ll look at your info, details about your home, and current mortgage so we can figure out the right refinancing option for you.
Review your finances
Crunch some numbers and start looking at what your refinanced mortgage payments will look like.
Mortgage Calculator
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Explore products
Refinancing is the perfect time to personalize your mortgage and make sure it suits your needs.
Mortgage Products
Get in touch
If you’re ready to get started or need someone to talk it over with, reach out and we’ll be happy to help!
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Refinance with confidence
With your newly refinanced mortgage, you’ll be one step closer to achieving even more of your goals!
Get to know more about refinancing
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There are a few costs when it comes to refinancing. Some fees include legal fees, appraisal costs, a prepayment penalty and discharge fee, which vary from lender to lender.
Most homeowners won’t have any issues refinancing their mortgage. Lenders will make sure you have a good credit score, at least 20% equity in your home and that you meet their debt-to-income ratio requirements.
When you refinance your mortgage, it’s considered a new loan so it will appear in your credit report as a hard check.
The processing time to refinance a mortgage will depend on a few factors like how quickly required documents are received, the property valuation and the lender’s processing time. Generally, the process takes about 3 to 4 weeks.
Find out how refinancing can benefit you
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Reach out to a MERIX renewal account manager to explore your options or contact a broker to start your MERIX journey.
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