We are the Toronto Mortgage Broker that understands your needs change with the times. Finding the right product including the best mortgage rates when you are refinancing means sorting through the misconceptions.
Here are a few of the myths we can help you steer clear from.
- Some people think that arranging for a second appraisal isn’t necessary. This kind of thinking happens more often when property values haven’t gone up. However, not having your property appraised for a second time can mean underrepresenting the price. Remember these appraisals are a big driver of your interest rate. They set both your loan to value ratio and the value of your property.
- Another myth is you cannot be approved for refinancing if you’ve been denied in the past. The two main requirements are credit and equity. Even if you’ve been turned down previously and are still paying down your mortgage, your more than likely gaining equity. If that’s the case in your house hasn’t dropped in value, you’ll be more attractive to lenders.
Our mortgage broker Toronto services can help. Even if you been previously refused for bad credit we are here. There are options available especially if you’ve been working on improving your credit score.
Current Payments
Here’s another myth we want to dispel. Many people think that keeping up current payments on an existing mortgage can qualify them for a new loan. Another misconception is the process for refinancing will be easier if your income has gone up.
Unfortunately, a payment history and your existing mortgage aren’t relevant when you’re looking to take out a new loan. As a Mortgage Broker Toronto who understands the requirements, we can help you with any current guidelines for credit score and income.
Applying for refinancing doesn’t need to be confusing. Get in touch with us and we can help you through the process.
