Let Us Help You Refinance
There are many reasons to refinance a mortgage.
When Is the Right Time to Refinance Your Mortgage?
At Interfinance Mortgage Corporation, our mission is to guide you through the intricacies of refinancing while ensuring that it aligns with your astute financial planning. The conventional wisdom suggests that refinancing should be pursued when mortgage interest rates drop by 2%. Nonetheless, life doesn’t always adhere to textbook standards, and the mortgage industry is no exception to this rule.
When Refinancing Makes Sense Below the 2% Rule.
The renowned 2% rule is a benchmark that suits most individuals and is often perceived as a gold standard. However, as a homeowner, contemplating long-term ownership can lead to a different perspective. In such cases, a reduction of 1.5% or even 1% in mortgage interest rates may make sound financial sense. This is because you will have ample time to recoup the costs associated with refinancing, while simultaneously benefiting from the savings offered by the lower interest rate.
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In essence, Interfinance Mortgage Corporation is your reliable partner
We help you navigate the complexities of refinancing by offering tailored advice that goes beyond the cookie-cutter approach. We understand that every financial situation is unique, and we’re here to assist you in making informed decisions that align with your specific needs and long-term homeownership goals.
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Frequently asked questions
Mortgage refinancing involves replacing your existing mortgage with a new one, often to secure a lower interest rate, access home equity, consolidate debt, or adjust your mortgage terms. Refinancing can help reduce monthly payments and improve your overall financial flexibility, depending on your goals and current market conditions.
You may want to consider refinancing if interest rates have decreased, your home's value has increased, you need access to equity for major expenses, or you want to consolidate higher-interest debt. While the traditional 2% rule is a common guideline, even a 1% to 1.5% rate reduction can be worthwhile for homeowners planning to stay in their home for the long term.
In Ontario, homeowners can typically refinance up to 80% of their home's appraised value, subject to lender approval and qualification requirements. The amount you can access depends on factors such as your home's current value, outstanding mortgage balance, income, credit profile, and overall financial situation.
What Our Clients Say After Working With Us.
My husband and I have had the pleasure of dealing with Kiran from Interfinance Mortgages on a couple occasions and she has exceeded our expectations. Very straight to the point, honest and helpful. Would highly recommend!
Pretty R.
Working with Kiran at Interfinance Mortgage Corporation was a fantastic experience. She helped us secure a home construction loan, and the entire process was handled with professionalism, patience, and genuine care.
Baskaran R.
Was placed in a sticky situation. Kiran and her team at Interfinance were extremely helpful. They put together a mortgage when no other lender could help. They are trustworthy and fast. They are easy to speak with and can help clear your debt.
Gagandeep K.