reduce cost in refinancing your mortgage
TRANSCRIPT
REDUCE COST IN REFINANCING
YOUR MORTGAGE
Basically, to refinance your mortgage is to increase your existing mortgage to get cash
against the equity of your house for consolidating your debts, start a business or for whatever
purpose.
Appraisal Fee Second Level
Costs Associated to Mortgage Refinancing
Legal Fees and DisbursementsBroker’s FeeLender’s Fee or BonusMortgage Penalty
Why You Need Mortgage BrokerIf your credit rating is not good or your income is not satisfactory or both you
could not meet the standard credit requirements by a bank.
You need a mortgage broker to look for secondary
lenders.
Understand Mortgage Broker RatesA mortgage broker charge you a broker’s fee for he/she does not get finder’s fee for
her/his services from a lender on a borrower whose credit rating or income does not meet bank’s standard credit
requirements.
Broker’s fee also amount in the thousands of dollars depending on
the difficulty of finding a lender who is willing to approve your
mortgage application.
Do not Refinance if possible
Read your mortgage contract
Calculate what your penalty should be
How to Avoid the Cost of Mortgage Interest Penalty And How To Protect Yourself?
When to Consider Second MortgageIf you really need to refinance, you may consider a second mortgage
rather than paying off your existing first mortgage where you are
required to pay substantial interest penalty.
Better still to avoid regrets and surprises, it is prudent to know in advance the cost of refinancing before making a decision
to refinance. Otherwise, you may end up the cost of refinancing is more than the
net amount you receive from it.
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