• Skip to main content
Kingston Mortgage Solutions logo
  • Home
  • Mortgages
    • Purchasing a Home
      • First Time Home Buyer
      • Purchasing Your Primary Home
      • Buying a Rental Property
      • Purchasing a Cottage/Second Home
      • Purchase + Improvements/Renovations
      • New to Canada
      • Military/Employer Relocation
    • Renewing Your Mortgage
    • Refinancing Your Mortgage
    • Commercial Mortgages & Leasing
    • Building Your Home/Construction Financing
    • Reverse Mortgage
    • Don’t Forget These Documents!
    • Top 10 Reasons to Use a Mortgage Broker
  • Rates
  • Calculators
    • Affordability Calculator
    • Financing & Refinancing Calculator
  • Helpful Links
    • Mortgage Glossary
    • Credit Information
    • Getting to Know You
  • Contact
    • About Us
    • Our Team
    • Our Community
  • Apply Now

Refinancing Your Home

Go back to school. Pay down your debt. Do some home renovations.
You can do it!

Refinancing

There are many reasons to refinance your mortgage. Many people refinance to do home improvements, purchase another property, pay for post secondary education or to payout debts and save money! If interest rates are lower than when you took out your mortgage or if you have higher interest rate debt,   refinancing can get your monthly payments back under control while paying down your debt – not just the interest.

What is Mortgage Refinancing?

Refinancing is taking out a new mortgage, repaying the existing mortgage and borrowing against your equity.  The maximum you can borrow is 80% of the homes current appraised value less any outstanding mortgage and penalty. There is typically a cost to do this as the old mortgage must be discharged and the new mortgage registered on title. Some lenders offer in house legals to cut down on the cost.  There are many reasons to refinance your mortgage. Many people refinance to do home improvements, purchase another property or to payout debts and save money! If interest rates are lower than when you took out your mortgage or if you have higher interest rate debt,   refinancing can get your monthly payments back under control while paying down your debt – not just the interest.

Debt Consolidation

Many people carry credit card debt or lines of credit that are at higher interest rate than current mortgages and unlocking your equity to save the interest costs can not only improve monthly cash flow but in many cases reduce the years you have to pay on your mortgage.  You can use your mortgage equity to pay off your bills sooner and with your bills consolidated, your interest and payments will dramatically reduce. Over-extended credit card and consumer debt is the number one problem Canadians face today. We can provide a no cost, no obligation consultation to determine if there are interest savings available to you.

What are the disadvantages of a mortgage refinance?

While refinancing a mortgage can save a large amount of money, it can also cost money. Most mortgages have a prepayment penalty that is charged when breaking its terms. This fee can be a significant amount, making it important for borrowers to find out if they will face a prepayment charge, and if so, how much. The whole point of refinancing is to improve a borrower's financial decision, so if a prepayment charge will result in financial stress that will not be improved through a refinance, it may be wiser to stay with the current mortgage.  Often lenders will work with us and provided a 'blended' interest rate to avoid the penalty. This can also make sense depending on current interest rates.  In addition, costs associated with closing a loan will apply to a refinance. Our agents will help you determine if breaking your mortgage to refinance and paying an early payout penalty will save you money in the long term. If so, the prepayment penalties can be absorbed into the new mortgage loan, leaving you without any out-of-pocket expenses to pay

Is refinancing a good option for you?

Lower your interest rate. Lower your monthly payment. Free up equity to pay down higher-interest debt.
Refinancing your mortgage can work in your overall financial picture and we can help you see how it fits.

Contact us to get the expert advice you need
Kingston Mortgage Solutions logo

Trust Kingston Mortgage Solutions to work hard on your behalf to find the best mortgage option and rate solution for your new home, debt consolidation/refinance, renewing mortgage, commercial mortgage or whatever your mortgage need is.

Join the Conversation

YGK mortgagesFollow

YGK mortgages
YGKmortgagesYGK mortgages@YGKmortgages·
8h

Consider buying a home if one of these applies to you:

– You’re renting a house and think you could be paying the same amount (or less) per month towards a mortgage.

– You have good credit and good job history

– You have a down payment saved

Reply on Twitter 1381202490230706178Retweet on Twitter 1381202490230706178Like on Twitter 1381202490230706178Twitter 1381202490230706178
YGKmortgagesYGK mortgages@YGKmortgages·
10 Apr

1️⃣ Pre-qualifying is just the first step. It gives you an idea of how large a loan you'll likely qualify for.

2️⃣ Pre-approval is the second step, a conditional commitment to actually grant you the mortgage.

Reply on Twitter 1380849165513719813Retweet on Twitter 1380849165513719813Like on Twitter 1380849165513719813Twitter 1380849165513719813
YGKmortgagesYGK mortgages@YGKmortgages·
9 Apr

Before you begin canvassing potential lenders, your KMS agent will need to assess your financial circumstances to determine what mortgage makes sense for you — streams of income, debt, tax benefits and assets are taken into account on a case-by-case basis.

Reply on Twitter 1380491068609806339Retweet on Twitter 1380491068609806339Like on Twitter 1380491068609806339Twitter 1380491068609806339
Load More...
Mortgage Alliance logo

200 - 654 Norris Court
Kingston, ON K7P 2R9

613.507.LOAN (5626)
1.877.366.3487
info@kingstonmortgagesolutions.com

Three Best Rated 2020

© 2012-2021 Kingston Mortgage Solutions lic. #12248 - Franchise of Mortgage Alliance - Independently Owned and Operated | website CarricDesign