Okotoks Mortgage Refinance! Lowest Rates.
Unless your Okotoks mortgage is up for renewal, you’ll have to pay a fee at your current lender or bank to refinance your mortgage. However, there are many reasons why you may want or need to refinance your mortgage. Let’s look at some of the best reasons to do so.
The Interest Rate Available To You Is Much Lower
There are two main reasons to think about refinancing your mortgage. The first reason is when interest rates go down. You may be able to save money on interest by breaking your old mortgage and getting a new one. The second reason is if your credit score has improved. If you have a low credit score or no credit history, you may have to pay a high interest rate. But if you have been paying your bills on time for a few years, you may become a better candidate for a loan and get a lower interest rate. Whalen Mortgages Okotoks has a good reputation with lenders and can help you get the best mortgage rate possible.
You Need to Change the Loan Terms
Sometimes breaking your current mortgage and getting a new one can be a good idea if you want to change the terms of your mortgage. This can happen if interest rates have gone down or if your credit score has improved. By switching to a loan with a shorter repayment time, like 10 or 20 years, you could save money on interest. We can help you find a lender who offers these options and who also allows you to make extra payments to pay off the mortgage faster.
If you’re moving to a new home, you might be able to transfer your mortgage to the new property. This is a good option if the new home is more expensive, as you’ll need to pay the difference. We can also help you find a lender who offers bridge loans, which can help you pay for the new property until your old one sells.
If you have multiple loans or mortgages, you can save money by consolidating them into one loan. This is called refinancing. By doing this, you can lower the interest rate you pay and simplify your finances. We can help you find a lender who can offer you a low interest rate and help you reach your financial goals.
The Current Lender Is Untenable
Do you have a bad experience with your current mortgage company in Okotoks? Are they slow to process your payments or charging you high fees? If so, you may want to think about breaking your mortgage and finding a better company. Or, you may want to leave because they won’t let you cancel insurance options like life insurance, disability insurance, or critical illness insurance. Remember, you can buy these types of insurance separately, so don’t let the loss of your current coverage stop you from saving money. We will make sure you understand all of your options and provide you with independent life and disability insurance if you want it. This insurance will follow you if you change lenders and the premium will never go up.
You Need to Access Your Home’s Equity
If you have a mortgage in Okotoks and want to get some of the equity in your home, you might consider refinancing your mortgage. This can give you cash and a lower interest rate than a home equity line of credit or a second mortgage. You could use the money for things like paying off debt, making repairs, or buying a rental property. You don’t have to make a decision without learning more. You can talk to the experts at Whalen Mortgages Okotoks for free. They’ll help you understand your options and make sure you pick a mortgage that fits your goals and budget. Call them today at 587-441-9319!
Your top mortgage broker in Okotoks to get started on your refinance and discuss all the different lenders and products including mortgage interest rates so you can pick the best mortgage product for your situation.