Your Trusted Partner in Mortgage Refinancing – Serving Lethbridge, Calgary, & Edmonton
LET US HELP YOU NAVIGATE YOUR REFINANCING A MORTGAGE OPTIONS IN LETHBRIDGE, CALGARY AND EDMONTON.
Refinance your mortgage by speaking with one of our mortgage professionals today.
Welcome to Mortgage Design Group, where we prioritize your financial aspirations. Serving Lethbridge, Calgary, and Edmonton, we are committed to guiding you through the process of mortgage refinancing. Refinancing your mortgage means replacing your existing mortgage with a new loan, typically to take advantage of lower interest rates, better terms, or to access equity built up in your home. This financial strategy can help you reduce your monthly payments, consolidate debts, or free up funds for large expenses. With customized solutions from our local experts, embark on a journey to achieve financial flexibility and optimize your mortgage in alignment with your evolving financial needs.
WHY WOULD YOU CONSIDER REFINANCING YOUR MORTGAGE?
Reducing your interest rate to lower monthly payments.
Access your home’s equity to help finance large projects or purchases.
Consolidate high-interest credit cards or other consumer debt.
Increase the amortization to reduce payments.
WHY REFINANCE YOUR MORTGAGE WITH MORTGAGE DESIGN GROUP?
Personalized Consultation: Meet with our experts who understand the Lethbridge, Calgary, and Edmonton markets inside out.
Competitive Rates Comparison: We compare rates from multiple lenders to find you the best deal possible.
Seamless Process: From application to closing, our team ensures a smooth, transparent, and efficient refinancing process.
Local Expertise: Specific insights on how refinancing impacts homeowners in Lethbridge, Calgary, and Edmonton.
When refinancing a mortgage during a term, there are generally some costs involved: an appraisal and payout penalties are all possible additional costs. Our agents will explain in detail the costs you may incur and advise you on the best products that may help mitigate some of these fees.
Above all else, we pride ourselves on ensuring that our clients have access to the best products and save thousands of dollars in interest.
One of our clients recently approached us to refinance her mortgage so she could lower her monthly debt load. By accessing the equity available in her home, she was able to pay out a car loan, eliminate all credit cards and lines of credit, and still had some funds remaining to put towards a roof.
By refinancing her home up to the maximum 80% of the appraised value and increasing the amortization to 30 years, she was able to make her monthly payments much more manageable. Here’s how the new mortgage funds were dispersed:
Appraised Value of the Home – $280,000
New Mortgage Amount – $224,000
Payout Current Mortgage and Penalties – $132,000
Lawyer and Legal Fees – $2,000
Car Loan – $30,000
Credit Cards and Line of Credit – $30,000
Total Paid Out – $194,000
The remaining amount of the mortgage, $30,000, was transferred to the client, who was able to replace the roof and invest additional money into a retirement plan. Most important to our client was that she was able to reduce her monthly payments from $1,450 to $950 by eliminating her high-interest credit card and large monthly car payment.
That’s one happy client!
MORTGAGE REFINANCING FREQUENTLY ASKED QUESTIONS
How can I qualify for mortgage refinancing in Alberta, especially in cities like Calgary, Edmonton, and Lethbridge?
To qualify for mortgage refinancing in Alberta, you’ll need a good credit score, a stable income, and sufficient equity in your home (typically at least 20%). Lenders will also consider your debt-to-income ratio to ensure you can manage your new mortgage payments. Specific requirements can vary, so we advise discussing your personal circumstances with our experts.
What are the benefits of refinancing my mortgage in Edmonton?
Refinancing your mortgage in Edmonton can provide several benefits, including lower monthly payments, the ability to consolidate debt, and the opportunity to access the equity in your home for large expenses such as home improvements or investments. It can also allow you to switch from a variable-rate to a fixed-rate loan or vice versa, depending on your financial goals.
Are there any specific considerations for consolidating debt through mortgage refinancing in Calgary?
When considering debt consolidation through mortgage refinancing in Calgary, it’s important to evaluate the total cost of borrowing. This includes understanding how extending the amortization period might lower monthly payments but increase the total interest paid over the life of the mortgage. It’s also crucial to get a refinancing deal that offers a lower interest rate than the average rate of your current debts to ensure it’s financially beneficial.
How long does the mortgage refinancing process take in Lethbridge?
The mortgage refinancing process in Lethbridge typically takes between 2 to 6 weeks, depending on several factors including the complexity of your financial situation, the speed of document collection and submission, and the lender’s processing time. Working with our experienced team can help streamline this process, ensuring all paperwork is complete and submitted promptly.
CONTACT US.
Contact Mortgage Design Group today to get started on your mortgage application!
(403) 942-4099
info@mortgagedesigngroup.ca
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