Jermaine Hinds

TOP TEN BROKERS’

SECRETSTO MORTGAGE REFINANCING OPTIONS

SIX EASY STEPS FROM START TO FINISH IN A

MORTGAGE REFINANCINGPROCESS

INCLUDED

WHAT IS A REFINANCE?Let’s start with the basics of what a refinance is.

A mortgage refinancing, or refinancing your home loan, meansyou take out another mortgage contract to replace their existing one with the same or different lender.

The best mortgage broker refinance can get you a mortgage upto 80% of your home’s value, less the amount you still owe.

WHAT ARE THE OPTIONS AND BENEFITS OF MORTGAGE REFINANCING?

If mortgage rates are lower now than they were when you took out a loan, you can save money by refinancing. Reducing your interest rates helps to save money over the life of your loan.

Do you know? You can also lower the regular mortgage payment amount by extending your mortgage to a longer amortization of 35 or 40 years.

This helps to improve your cash flow so you have more money in your pocket each month to use it for investment or rainy day fund in case of emergencies.

If you start out with a 30-year home loan on a 5-year term, at the end of the contract, you can extend your amortization to 30 years again by refinancing. You also have the option to refinance with another lender who offers 35 and 40 years of amortization to lower your regular payment even more. But I have to caution you that longer amortization means that you are paying more interest over the lifetime of your mortgage. This is definitely something to review in greater detail against your current, medium, and long-term goals.

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TOP TEN BROKER’S

SECRETSTO MORTGAGE REFINANCING OPTIONS

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NUMBER ONEYOU CAN OFFSET THE PENALTIES WITH CASH BACK MORTGAGE.

With cash back mortgage, you receive a lump sum of money from the new lender when your new mortgage is registered on the title. This is in addition to the amount you are receiving from your mortgage refinancing application.

But do you know? The cash back amount you receive is tax-free. That’s right, this is applicable in Ontario.

If a mortgage refinancing is right for you, you can keep more money each month in your pocket and enjoy the freedom to choose how you want to use it.

When you are ready to apply, click ‘APPLY NOW’ to start the application process. Otherwise, I have put together more brokers’ secrets to mortgage refinancing on this page for youto consider before you refinance your house.

APPLY NOW

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https://velocity-app.newton.ca/public/#/clientJourney/slides/refinance?shortCode=1dvj4lojoyv3m&loanCode=VMMGB-76214&dealKey=98c44afd-b0de-4919-9c7a-c1c9d0819524&borrowerId=112845&lang=en-ca

NUMBER twoEXTEND YOUR MORTGAGE TO A LONGER AMORTIZATION OF 35 OR 40 YEARS!

If mortgage rates are lower now than they were when you took out a loan, you can save money by refinancing. This is not a secret since a savvy homeowner like yourself must have figured this out already.

But get this…you can also lower the regular mortgage payment amount by extending your mortgage to a longer amortization of 35 or 40 years. This helps to improve your cash flow so you have more money in your pocket each month for investment or rainy day funds in case of emergencies.

If you start out with a 30-year home loan on a 5-year term, at the end of the contract, you can extend your amortization to 30 years again by refinancing. You also have the option to refinance with another lender who offers 35 and 40 years of amortization to lower your regular payment even more. But I have to caution you that longer amortization means that you are paying more interest over the lifetime of your mortgage. This is definitely something to review in greater detail against your current, medium, and long-term goals.

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NUMBER thREE

YOU CAN CALCULATE THE COST OF PREPAYMENT PENALTY ON YOUR OWN.

Refinancing a mortgage can hurt you financially if you are not prepared for the consequences. Again, you probably already know this. It’s not such a big secret.

Do you know? That you can use a calculator to estimate the cost of prepayment penalty provided by each lender? It will tell you your penalty amount (if any) and a guideline stipulated by each lender to tell us which of the two methods they will use for your mortgage contract.

Here’s the list of the most frequently used prepayment calculators – bookmark this page as yourgo-to resource. They are alphabetically listed on the next page.

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• BMO Mortgage Prepayment Calculator

• CIBC Mortgage Prepayment Calculator

• Laurentian Bank Mortgage Prepayment Calculator

• National Bank Mortgage Prepayment Calculator

• RBC Mortgage Prepayment Calculator

• Scotiabank Mortgage Prepayment Calculator

• TD Mortgage Prepayment Calculator

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https://www.bmo.com/calculators/prepayment/index.jsp?lang=enhttps://www.cibc.com/en/personal-banking/mortgages/calculators/prepayment-calculator.htmlhttps://www.laurentianbank.ca/en/calculators/mortgage_penality_estimator.sn?step=1https://www.laurentianbank.ca/en/calculators/mortgage_penality_estimator.sn?step=1https://www.nbc.ca/WebInfoWeb/DispatchRequest?aliasDispatcher=mortgageIndemnity&lang=enhttps://www.rbcroyalbank.com/cgi-bin/mortgage/tools/prepayment/prepayment-charge-calculator.cgihttps://dmts.scotiabank.com/tools/prepayment/en/index.htmlhttps://tools.td.com/mortgage-prepayment-calculator/

NUMBER four

YOU CAN CHOOSE AN INTEREST-ONLY MORTGAGE.

Here’s the final brokers’ secret to mortgage refinancing options that I’m sharing with you today: you can choose an interest-only mortgage, which allows you to pay just the interest portion of the mortgage to keep the mortgage contract going. This is a good option for those who want to significantly lower the payment amount each month and have more cash flow in their hands for other urgent priorities. However, it’s important to remember that if you are only paying the interest portion of the mortgage amount, the mortgage amount owing will not be paid off by the end of the term. In fact, you will get the same principal amount as you had at the beginning of the contract.

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STAY TUNED FOR THE REST OF THE BROKERS' SECRETS

THAT WILL BE DELIVERED TO YOUR INBOX. LOOK OUT FOR TIPS ON:

1. Blend-and-Extend Manoeuvre.

2. How to get $30,000 to $300,000 more on your house value with one simple trick.

3. The minimum credit score to score the lowest rate.

4. How to make sure your 120-days rate guarantee starts from the letter date, instead of the application date.

5. Why you don't need to be afraid to break term that has passed 5-years long.

6. One trick to lower your tax burden as real estate investors

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