Want to get mortgage refinance for your home? If you are wishing to lower your monthly mortgage payments, shorten the loan term, or simply access the equity you have already established in your property over the years, refinancing your existing mortgage is the best choice.
There are a lot of things to take into account before opting for mortgage refinance in Abbotsford. In this blog, we’ll discuss some do’s to focus on when choosing to refinance your home.
- Present yourself as a qualified borrower
You should be prepared to provide your potential lender with the documentation demonstrating your proof of income and employment. Lenders are more cautious than ever when it comes to lending money to borrowers, especially to self-employed individuals.
- Have a good credit score
Before you choose to opt for a mortgage refinance, you need ensure that you have a high credit score. You can improve your credit score in different ways before you start with the mortgage refinancing. Higher the credit score, lower will be the interest rate on your mortgage.
- Shop around to get the best offer
Don’t just choose the first lender that you cross by while looking to get a mortgage refinance. It’s crucial to consider all of your options until you’re certain that the lender and terms of the agreement you choose will save you the most amount of money.
- Find out the closing costs
It’s important to stay aware of the closing fees associated with your mortgage transaction. This is because there will be costs accompanied with the refinancing procedure, many of which could end up costing you more money than you expected. These extra costs consist of registration fees, legal fees, and, sometimes prepayment penalties.
- Get the required paperwork handy
Since there won’t be any time to waste and you’ll want to lock in your rate as soon as possible, it’s important to have all your necessary paperwork completed and submitted on time when applying for mortgage refinancing.
Your credit score, a recent mortgage statement from your lender, employment verification documents (pay stubs, bank statements, or a letter of employment), evidence of income (tax records), an estimate of the current value of your property, and a recent copy of your property tax statement or final property tax bill are some examples of the documents needed during the application process.
Conclusion
Refinancing a mortgage is a wise choice for Canadian homeowners looking to improve their financial situation. By doing the required research and following the above mentioned to do’s, you can make well-informed decisions and help finalize a competitive mortgage refinancing deal.
Sandhu & Sran Mortgages is your local mortgage refinancing company in Abbotsford, assisting potential homebuyers in refinancing their existing mortgage at a lowest possible interest rate. Whether you’re looking for home equity loans, mortgage renewal, transfers, or first time homebuyers mortgage in Abbotsford, we have got you covered.