Refinancing simply means paying off your original mortgage and replacing it with a new one. If you are a homeowner, refinancing your mortgage can be a real money-saving strategy. Most banks offer a range of cash incentives to entice customers to refinance. In some cases, these incentives will cover costs of breaking the current mortgage and legal fees with possible surplus cash for you. So you may end up with a better interest rate and a little more cash. Talk to us and see if there are savings to be made.
To secure a better rate
The usual motivation behind refinancing is to get a better deal in terms of interest rate, fees, and overall experience. Sometimes the loan you signed up for was a good deal at the time, but with the constantly changing market environment, rates may drop. Smart homeowners are always on the lookout for lower rates to save hundreds, if not thousands of dollars every year on interest or mortgage payments.
To Tap Into Home Equity
There are times when cash flow may be a bit low, and homeowners wish to top up or secure a line of credit using the equity in the home. This money may be used to pay for a big expense such as another home, college costs, remodeling, a dream vacation or paying off high-interest debt.
It's no secret that credit card debt is a problem for many people. With the high-interest rates on cards, it becomes difficult if not impossible to pay off this debt. Refinancing allows for all the debt to be put in one place, making it easier as only one payment is made monthly instead of several ones.
Pay Loan off Sooner
If interest rates are falling, refinancing your loan can shorten its term without changing the amount you pay monthly. For instance, refinancing from 9% to a rate of 5% for a 30-year fixed rate mortgage on a $200,000 home reduces the term to 15 years with no significant increase in the monthly payment.
At Own It Mortgages, we're committed to making you feel confident in the refinance decisions you make. No matter how your mortgage is structured, get in touch with one of our mortgage brokers and they will do their absolute best to find the best deal for you.
A key advantage of building your home is that you get to choose the features and final additions that suit your needs, style, and preference. Nevertheless, while the prospect of creating your dream home from scratch appears exciting, the challenge of finding the right financing solution cannot be overlooked. Are you a first time home builder confused about the building process and the various lending practices involved? Well, worry no more, as we are here to keep you informed and educated on all the latest trends on building a new home.learn more
So, you have owned your home for a while and thinking about purchasing another home? Perhaps a change of lifestyle? An upgrade to a larger home or the desire to live more minimalist - or maybe you are in a position to purchase that second home you've always dreamed of in that special vacation spot meant for you. No matter what your circumstances are, we are here to assist you Buy It!learn more
If you can afford to pay one extra payment a year (lump sum) or pay a little extra every month on the principle balance, this helps decrease the amount you owe on the mortgage. Again, it gets you on the road to better cash flow and financial freedom. For example, if you increase your payments by a small amount of $85 per week, not only do you repay your mortgage 10 years earlier but you will also save over $100k in interest payments.
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What is the value of your home and what do you owe on it? Real Estate Agents offer free appraisals when listing your home, or if you prefer you could employ a Registered Valuer to value your home and will provide a comprehensive report with comparative sales. Check property values through your city and town, If you have a good deal of equity in your home, it's a good time to buy! You may use that equity to purchase another home or the vacation home of your dreams
This is the value you have in your home (land and house, excludes contents such as furniture) minus your mortgage and any lines of credit on the house. For example, if your home is worth $500K and you owe $200K, you will have $300K of equity. This equity can be used to
Our mortgage advisers are here to answer all your pressing questions. We can take a look at the home you have versus the one you'd like to buy and assist you in making that dream a reality. We take your entire financial situation into account and guide you towards the best option for you. So you can Buy It!
Work out how much you can afford to borrow.
Gather information & paperwork to obtain a pre-approval
Start looking for a home and make an offer conditional to finance. Think about any other conditions you may like to put on your Sale and Purchase Agreement such as builders report, Registered Valuation and a move in date
Finalise finance, arrange inspections and valuations as required
make sure you are happy with the above inspections and reports, if so, then you are ready to unconditionally purchase this property
Talk to us about the best ways to pay off your mortgage and chat about how risk insurance may benefit you
Few things are more exciting than purchasing your first home. There's a pride and independence that one feels when there's a place to lay their head at night and it's all theirs. Say goodbye to all the rental money that disappears into the abyss and say hello towards payments that truly go toward your future investment-your home. There are a plethora of things you need to know before jumping into homeownership, and we at Own It Mortgages are here to assist you in any way we can. First, let's provide you with all the pertinent information you need to know about being a first time buyer.Learn More
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