Mortgage refinancing 2018-12-13T09:46:01+00:00

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Mortgage Refinancing in Vaughan, Ontario Made Easy!

Refinance your Debt and Save Money

I’m Lucia Gugliuzzi and I’m an experienced Mortgage Broker working in Vaughan and the surrounding areas. Let me help make this the start of a new financial life for you and your family. We’d love to help you crunch some numbers to see what kind of life you could be living. Talk to us about scheduling a free, no-obligation review of your situation. We guarantee you’ll be glad you did.

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Lower your debt, boost your monthly cash flow, access equity in your home and be mortgage-free quicker!

I Work for You and NOT the Banks!
Certain life stages or financial plans may require that you access the equity that you’ve built up in your home. This is where refinancing your mortgage allows you to take advantage of the equity in your home and direct it to other priorities including: Debt Consolidation, Financing home renovations, Freeing up funds for investment situations, supporting children’s post-secondary education and more.

Make this the start of a new financial life. We’d love to help you crunch some numbers to see what kind of life you could be living! Talk to us about scheduling a free, no-obligation review of your situation. We guarantee you’ll be glad you did..

What is Mortgage Refinancing and How Does It Work?

When it comes to planning for your future, your mortgage will play a big part in your life decisions, therefore one of the options on hand for you to explore is mortgage refinancing in Vaughan. You might have heard about it from family and friends and how they have leveraged their mortgage to control their household finance better. They could all be commended for the solutions they have shared because it has helped not only improving the cash flow but also managed finances better with less stress.

They couldn’t have explained it any better! Mortgage refinance options in Vaughan give you the chance to be in control of your finances. There are a lot of times where debt and financial obligations have pushed you to the back seat. You were just worried every month not knowing what to expect next, which added to your financial stress and anxiety. Attention is to be given to one’s budget when purchasing a home or getting into debt. Let’s explore further…..

In Canada, for example, homeowners cannot refinance over 80% of the home value. This rule was implemented to avoid overspending and helping the homeowner with maintaining the equity.

Unfortunately, sometimes circumstances change and unexpected situations may come up. People resort to credit cards and sometimes those become unmanageable.

Mortgage Refinancing Approach in Vaughan

If this is your first time in considering mortgage refinance in Vaughan or even if you are from other areas, I can help and guide you through the process. Take a look at what one of my previous clients have to say about my services.

” My experience with working with Lucia is a memorable one, she is very professional, but is also very down to earth as well, she knows her job very well, and is more than willing to go above and beyond for you. Thank you so much Lucia!” – Khem, from Markham, Ontario

Mortgage refinancing can be quite tricky for homeowners simply because of the process, time, and the specialization it takes to get the job well done. A lot of experts might give you the idea that it is all about interest rates. As much as this is an integral part of the decision making process on your end, I also underscore the importance of cash flow and easiness in money management.

Understanding Mortgage Refinancing with a Broker

When you talk about refinancing, it may also referred to as breaking your mortgage contract early. This is because when you undertook the mortgage loan, you entered into a contract with your lender which you agreed to honor up until the time of the expiry of the mortgage term. If you want to amend or even get out of that contract, essentially you are breaking away from that agreement.

Before we go into the details of what a mortgage refinance loan is all about, you need to understand that a mortgage loan is not a one-size-fits-all type of agreement. Simply put, a mortgage loan is a highly customizable solution depending on your needs and present financial situation. This means that the mortgage loan should be able to fit your finances and should be tailored to your particular situation.

When you are refinancing, in essence you taking out a new mortgage. Given the mortgage refinance options and available, you may have the option of a variable or a fixed rate mortgage. Consideration is to be given to the length of repayment, and to some extent to the interest rate. At this point, you already know that buying a house is quite a big investment. It might even be one of the biggest purchases of your life. This further underscores the importance of doing it the right way while keeping in mind the household expenses and obligations.

The need for Mortgage Refinance and Lenders

You might be wondering at this point why you need to refinance your loan when you already have so much leeway at the very beginning. The ability to decide on so many important mortgage factors is at the beginning. It is important to work with an experienced mortgage brpler that will go beyond the call of duty and guide you through your finances and options. This should give you the peace of mind to see it through until the end. However, change is inevitable and mortgage situations can change.

When you originally took out the mortgage, you needed to keep in mind that your needs could widely change in the coming months or years. These could be from family situations to a professional career. All these can make you rethink your financial decisions from the past including your mortgage loan. This is why mortgage refinancing in Vaughan sometimes becomes an option.

When refinancing your mortgage, you need to keep in mind that you are not limited to working with your current lender. You have the option of bringing your business elsewhere especially if your needs will give you a better service with a new lender. I always recommend that you work with a mortgage broker that is well connected because we have the resources available under one roof from which you may benefit. I make it a point to connect with the correct channels so that we can help with the circumstances.

Reasons why you choose a mortgage refinance with bad credit

As with most of your financial decisions, you make them because of existing needs, changes in your short and long term goals, ever changing life circumstances, as well as financial opportunities that present themselves. Here are a few of the reasons why you should consider a mortgage refinance loan

Debt consolidation

There are a number of debt relief programs out there at present. This is simply because people are looking for ways to manage their financial obligations. Debt consolidation is one of the more popular options you can look into and mortgage refinancing gives you that opportunity to consolidate your debt obligations. Refinancing your mortgage to consolidate your debts under one account will work best if you have enough equity in your home. This way, you are not adding to your debt payments but simply “borrowing” from your home equity.
Some people resort to a Proposal or Bankruptcy. In most cases we have the resources available to avoid that, and to use your home equity while preserving your credit. I also specialize in managing your credit score, which in these days, is extremely important when working with most banks. These days, most banks want a 700 plus credit score. A great credit score will resort to variable benefits:

1. Better interest rates
2. Savings
3. Better options
4. Doors open for future financing

Low-interest rate in Vaughan

Whichever way you look at, breaking your mortgage contract because you can get a lower interest rate will save you money down the road. This happens when the housing market and even the economy is doing good while resulting in lower interest rates. It is not uncommon for homeowners to choose mortgage refinance in Vaughan and to take advantage of it. Keep in mind that saving on interest rates will mean more money in your pocket.

Investment situations may come up in Vaughan

There will be times when you might come across an investment opportunity that you feel will pay off in the long run. When this happens, refinancing your mortgage might just give you that extra funds you need to take advantage of that investment opportunity. You may not want to miss on the opportunity, therefore exploring mortgage refinancing could be the best option. I always say “make your mortgage for you, don’t work for your mortgage”.

Higher education for the children

If you have children who are about to start college, one of the worries you may have is the cost. High tuition fees in some colleges and universities are no joke. It will cost tens of thousands of dollars to support post-secondary education. This is one of the reasons why many parents take opt for mortgage refinancing – to help their older children manage their college studies and other expenses.

Financial education assistance in Canada has become harder and harder to obtain, therefore mortgage refinancing may be the only option.

Home improvement

Your house will need home improvements over time and the only thing you can do about it is to be proactive and attend to repairs as soon as possible. You do this because you either love your house or you want to sell it in the future. Whatever the reason is, improvements can become costly especially if you did not include it in your household budget. This is where refinancing can help you get the needed cash to help you get those home repairs and maintenance under way.

Mortgage Refinancing with Cash-out

Sometimes people like to take equity out of their home for reasons either than debt refinance. They may want to go on vacation or make investments or simply help their family. The home owner may revert to this option for any of the reasons above. In some cases, seniors or the silver generation, may want to use the property for their enjoyment, help their family or simply have the cash available for other reasons.

Types of mortgage refinance

When you start to look into refinancing your existing mortgage, there are about three main things you need to be familiar with. It goes without saying that I would be walking you through each and every one of them in detail but here is an overview about them.Schedule a call with me

Rate-and-term refinance in Vaughan

The “rate” refers to the interest rate you pay, while “term” refers to the period of time the financing agreement covers. Most terms available are: 6 month, 1,2,3,4,5 year terms, and the interest rates will be fixed for whatever term one chooses.
That being said, rate-and-term refinancing loan means you will be making some adjustments on either your interest rate, your repayment term or even both. This means that if you are at a 15-year mortgage amortization you can refinance for a term available and desired.

Mortgage Refinancing Bad Credit in Vaughan

There may be circumstances where you may not qualify for a mortgage refinance with with a traditional lender, better yet, with one of the chartered banks. This is where we come in and arrange alternative lending solutions. This would be a short term solution to give you time to work on rebuilding and re-establishing you credit. A strong discipline has to be implemented as alternative lending can be rather expensive. I recommend to Follow my guidance so you can accomplish your goal, that is very important. This is where I think commitment is necessary.

Mortgage Refinance fees you need to prepare for

Much like when you took out your mortgage in the past, mortgage refinancing will entail closing costs and other fees. Here are some of the mortgage refinancing fees to keep in mind.

Mortgage prepayment penalty – This is when you refinance the whole mortgage entirely.

You can have other options either than refinancing the whole mortgage. Some home owners may choose to take out a line of credit, a secured visa or a private second mortgage. However, there may be some restrictions.

When you choose to break your mortgage earlier than your payoff date, it will come with a penalty. The penalty will differ depending on whether you have a fixed-rate or a variable rate mortgage as well as the bank that holds your mortgage . For a variable-rate mortgage, usually the penalty is three months interest payments or the interest rate differential (IRD), whichever is higher. The IRD is computed based on the interest rate offered prior to being discounted. Some banks will charge based on the pre-discounted rates and some others based on the contract rate. We are always very cautious in relying this because every bank has different guidelines and not always understood by the consumer. This is why it is important to discuss it with your mortgage broker. You will get a better understanding from the beginning, this is why it is worth to talk to a professional to walk you through. After all, it is important to be prepared earlier than finding out when it’s too late. At that point, you may not have the options that you need to resolve your problem.

Mortgage discharge fee

Whether you are working with the same or with a different lender, this fee always applies when restructuring your mortgage. If your mortgage refinance means switching to a different lender, you need to pay for the discharge fee, usually this is all included in the closing costs. The amount differs from every bank or province and lender, but the average is anywhere between $300 to $400. This is subject to change depending on the lender.
It is to be noted however, that some banks will cover the cost and may offer a special perk.

Mortgage Registration Fee

Regardless of whether you are working with a new lender or refinancing with your current one, you need to pay this fee, this is considered part of the legal cost. This is the process where the lender assigns a new mortgage amount on the title of your property. The amount is dictated by the provincial government but it is usually about $70 and up.

Legal or attorney fees

You could also consult a real estate lawyer who will handle documents review. I can also direct you to review your new terms and conditions and get you to get clarification by the lawyer undertaking the transaction.. Take a look at what one of my previous clients mentioned about my services.

“With a brief description of the financing I need to Lucia, and my general financial picture, she immediately went to work. Her short and exact interview extracted the required information from me for her to configure exactly what I needed in a few options. Her method of configuration and solutions were imbued with what is best for me base on my financial picture and my financing needs. All the logistics were effectively and efficiently put into effect by Lucia to get an appropriate financing deal done in the shortest time. Lucia kept her monitoring eye and updated me regularly on all the flow of my cycle to a done. This is elegant service and care from Lucia and I am very pleased with her execution, service and commitment to help me get my financing needs fully handled. Thank you Lucia !!” – B.R. from Vaughan, Ontario

What you need to keep in mind

I can help you simplify the whole mortgage refinance process. However, to better prepare yourself throughout the whole process, here are a few things you need to know about:

Market evaluation in Vaughan

This basically refers to the market in your areas since you are refinancing to have better payment options. Timing is crucial in your mortgage refinance plans. I can help you understand the market and we can identify if current rates are beneficial for you. Take a look at one of my previous clients.

“We have been dealing with Lucia since 2008 and we didn’t have any issues with her. She’s very accommodating and listens to our needs. She would explains the process thoroughly to us and answers our questions well. She comes highly recommended.” – A.T, from Toronto, Ontario

Putting relevant documents together

Do you remember the first time you took out a mortgage? If so, the documents needed would be quite similar. You might remember that these includes pay stubs as well as tax documents, in a nutshell, proof of income. Having the correct and current proof of income is a crucial component in the quality and speed of the transaction.

  • Proof of income in the form of T4’s and Notice of Assessment or NOA. Your NOA is a statement sent out by the Canada Revenue Agency detailing income and taxes paid.
  • Proof of employment in the form of an employment letter from your current job as well as pay stubs.
  • Secure a copy of your mortgage statement showing your balance as well as the terms of your loan.
  • Be aware of your credit score as well as your current assets and debt obligations.
  • Property taxes confirmation.
  • Current home fire insurance.
  • Self-employed individuals will also need proof of self-employment. The length of this will depend on the type of lender funding the transaction.

The idea of a mortgage refinance process is to help you gain a better financial advantage by using your home’s equity. It might seem to be a simple enough process but it can start to get overwhelming especially when you dive into the whole process. This is where I can come in and help you from start to finish while taking the stress and pressure off. Let me leave you with a testimonial from one of the people I have had the honor or helping for over a decade.

” I have used Lucia about 4 times within the last 10 years. I wouldn’t go anywhere else. Not only does Lucia provide excellent mortgage advice, but her knowledge and experience make her an excellent sounding board on decisions. her admin work is top notch. If she says she’ll get the job done, she will”. M.O. Ontario

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Don’t just take my word for it.
See what my clients say.

“With a brief description of the financing I need to Lucia, and my general financial picture, she immediately went to work. Her short and exact interview extracted the required information from me for her to configure exactly what I needed in a few options. Her method of configuration and solutions were imbued with what is best for me base on my financial picture and my financing needs. All the logistics were effectively and efficiently put into effect by Lucia to get an appropriate financing deal done in the shortest time. Lucia kept her monitoring eye and updated me regularly on all the flow of my cycle to a done. This is elegant service and care from Lucia and I am very please with her execution, service and commitment to help me get my financing needs fully handled. Thank you Lucia !!”

B.R. from Vaughan, Ontario

“Lucia…we met a year ago and you helped us purchase our home. We knew that we were going to have a challenging year, but we did it and have increased our investment. You once again helped us to refinance with a more manageable payment structure and at the same time saving thousands of dollars. You are truly an amazing person and we thank you from the bottom of our hearts all that you have done. You are not just our mortgage broker, you are a friend, and we treasure the relationship! Thank you”

Theresa, from Markham, Ontario