Mortgage Refinance Kelowna
Refinancing Your Mortgage
A refinance means that you want, or perhaps need, to renegotiate your existing mortgage loan in order to replace it with a new one that is a better fit for you — usually to access more equity in your home or for better mortgage options. It can be done at any point during your mortgage term, or at renewal time (applicable fees or penalties may apply). If you change lenders, you would pay out that mortgage contract to create a new one with a different lender.
Our Heather Contant Mortgage brokers can take a look at your particular situation, quickly sort out the pros and cons, and outline any benefits to help you decide if a refinance is right for you.
Take advantage of our deep mortgage experience.
And lower rates, of course.
We’ve been doing this mortgage thing for quite a while (to the tune of over $19B in funded Canadian mortgages, in fact). And unlike a bank, our non-commissioned Heather Contant Mortgage broker have the freedom to check with all lenders to get you the best rate for your situation. Plus, our volume allows us to pass along a rate discount, which can add up to thousands over the life of your mortgage.
Talk to us — we make it easy, and there’s no cost and no obligation. It’s literally a no-brainer. Or simply apply now for a fast response and unbeatable mortgage advice.
What Our Cleints Are Saying
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Heather was very professional and responsive to our requests. We really appreciated the time she took to sit down and determine what we were looking for in a new house. She had great inventory prepared for us to view on top of the houses we had identified to her. She was always prompt in her response to our questions and kept us up to date with changes in the status of properties.
We would definitely recommend Heatherto anyone relocating to Kelowna and we’ve suggested her name to a few people already.
Mortgage Refinance
Checklist
Are you thinking to Refinance your mortgage? We’ve compiled everything you need to know into a handy checklist. Don’t refinance your mortgage without it!
BONUS – Mortgage Refinancing MISTAKES TO AVOID
Learn what not to do when it comes to refinance your mortage (fun fact – many buyers do these things which ends up complicated their mortgage refinancing experience)
Why refinance?
In addition to getting a better interest rate, here are some other reasons to refinance a mortgage.
- Reduce monthly payments
- Take cash out of your home for large purchases
- To change from a variable to a fixed-rate mortgage
- To change mortgage companies
- To consolidate debt
What are some pros and cons of refinancing?
The Pros: The good reasons why you may want to refinance
Of course, the best reason is getting the right mortgage that fits you. It’s your home, and your mortgage — what do you need?
- Extra funds for renovations or for investment purposes, by borrowing up to 80% of your home’s value (and no default insurance needed)
- Save money by taking advantage of lower rates or locking in to protect against future rate increases
- Create budget room by lowering your payments through a lower rate or extended amortization
- Pay off your mortgage faster with lower rates AND a shorter amortization, keeping roughly the same payments
- Consolidate higher-interest debts into a lower-rate mortgage with one easy payment
The Cons: The extra fees and charges you may incur through refinancing
If the expenses are too cumbersome, they may negate any benefits of your refinance. Our expert brokers take you through the different fees and their costs, based on your exact circumstance — for an accurate picture of your refinance details.
A refinance typically takes approximately 2-3 weeks to finalize the details. The good news is that our friendly brokers will help make it simple and stress-free — and then you’re off to a new mortgage agreement that works better for you.
Here are some fees you may face:
- Mortgage registration fee, amount varies by province
- Legal fees (a lawyer will need to oversee your new mortgage)
- Appraisal fee (a lender will want your home appraised to ensure the value for your new mortgage)
- Mortgage discharge fees if you switch to a different lender
- Mortgage prepayment penalties, which for fixed-rate mortgages will be the greater of either 3 months’ interest, or the Interest Rate Differential (IRD), to make up for interest that you agreed to at the time of your original mortgage
The bottom line? If the money you save is more than the cost of refinancing, or if you’re willing to pay the costs to negotiate for terms that you want — then it may be the right choice for you.
We can help determine if your pros outweigh the cons, lickety-split. We really know mortgages, because it’s all we do.
Your mortgage refinance makes more
sense with our lower rates.
Save money on your refinance by getting your best mortgage rates — through Heather Contant Mortgage. We check with all lenders (even your own bank), and then pass along our volume rate discount to help you save even more. Plus, our salaried, non-commissioned brokers can find you the right mortgage fit for your situation.
It’s crazy-easy to start your refinance mortgage process. Start an online chat (click the chat bubble!), give us a call, or simply fill out your easy online application form — it’ll funnel you to the right areas to fill out. We’ll get back to you shockingly fast!
Refinancing Requirements:
Acceptable Loan Purpose
You’ll need to have an ‘acceptable’ refinance purpose, as outlined by lenders. The right reasons will include asset enhancement, debt consolidation, combining first and second mortgages, renovations, and investment purchases.
- Available for extended amortization up to 30 years
- Cash advances up to a maximum of two
- This program excludes mortgages set for default management purposes
2. Eligible Properties
- Owner-occupied — maximum four units with at least one unit occupied as the principal residence, and only existing properties (not for new construction)
- Secondary homes or investment properties — maximum two units, and only existing properties (not for new construction)
3. Loan-to-Value Ratio Limits
- ‘Loan-to-value’ (LTV) is the relationship between the principal balance of a mortgage and the property value. For example, if you have a house valued at $100,000 with an $85,000 loan, you have an 85% LTV ($85,000 divided by $100,000 = 85%). For this program, the maximum LTV ratio is 80%
4. Amortization Options
- Available for extended amortizations up to 30 years (depending on the lender, for currently uninsured conventional mortgages)