Revamp your mortgage to maximize your potential
Want a mortgage that gives you more options? Refinancing might be the answer. Refinancing your mortgage means going back to the negotiation table and replacing your old mortgage with a new one - that gives you more! In other words, you borrow against the equity in your home. You can do this at any point during your mortgage term, but there will be different penalties depending on your timing. Tell us what you're thinking and we can help you decide if refinancing is the right move for you.
Don’t waste time wondering what your lender will approve! We can answer all your questions. Refinancing to invest in stocks, bonds, mutual funds, and/or RRSPs is completely acceptable. You can also refinance to purchase an investment property, spruce up your current property (which is an investment in itself!), or further your education. Loaning money to a family member for a down payment is another valid reason to refinance your current mortgage. If you have the desire to grow your asset portfolio, we can help you find the mortgage product to fuel your fire.
Overwhelmed by big bills and a cash flow that doesn’t match? Refinancing your mortgage allows you to transfer high interest debt (like car loans) to lower interest debt (like your mortgage), which is always a wise move. Since there may be fees involved, it will take some analysis to determine if the numbers work in your favour. We can help you decide if refinancing is the sensible way to manage your debt.
Could you be capitalizing on current low rates? Keep in mind there will be a fee to renegotiate your mortgage. The penalty amount will vary depending on your current rate (fixed vs. variable) and the specific terms you agreed to when first signing. In some cases, the savings the low rate offers justify the cost to jump ship. Don’t get lost in the math, we’ll do the calculations for you. We can determine if it's smarter to stick it out, or start anew.
Wondering how much money you could potentially access? The maximum amount you can refinance for is 80% of your property value, also known as Loan to Value (LTV). To calculate this we need to know the current value of your property. Recent property assessments are a good starting point for guesstimations. But lenders will require more precision and send an independent appraiser to inspect your property and provide an accurate current market value. Lenders will also take into consideration your current income, debt, and credit when deciding how much money they are comfortable loaning to you.
Refinancing is a straightforward process that we explore with clients on a daily basis. Unlike banks that know a little about alot, we are mortgage experts, specializing in purchasing, renewing and refinancing. As long as you have your paperwork in order and time for the appraiser to do their bit, refinancing can be a seamless experience. It could also be the smartest financial move you’ll ever make. And if it isn't, we’ll tell you not to do it!
Refinance your mortgage to realize your financial potential.
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“I highly recommend working with Spin. Bonnie was available to answer all my questions and find solutions for all the inevitable bumps in getting the right mortgage.”
“I approached Spin Mortgage to refinance to purchase a new house. My bank could not, nor could another local mortgage broker. Spin undertook my case. They had barely 4 weeks before 'closing'. They understood the time crunch and moved swiftly. Ryan who I worked with is fantastic.”
“Spin Mortgage was incredibly professional, knowledgeable and helpful as we went through the refinancing of our mortgage. I would highly recommend working with the Spin Mortgage team.”
“Great experience organizing a refinance of an existing property to get a mortgage and purchase a new property. They were super responsive, answered all my questions quickly and acted fast for our short time frame. Very pleased with the outcome!”
“Jeff and the team at Spin Mortgage we're introduced to me as the best in the business and I can see why! I was astounded at their tenacity, knowledge and speed to get my refinancing done on a tight schedule. I would recommend them to anybody!”
“I’ve done a both a purchase and refinance with Spin Mortgage over the last couple years and the experience was great. Excellent rates and service, the staff was very knowledgeable and didn’t waste time. I’d highly recommend their service.”
“We worked with Ryan at Spin to help us with both the refinance of our current condo and the mortgage of our new home. Ryan helped us work through scenarios and made the process seamless. We were also on tight timelines and Ryan made it all happen!”
“Steve and his team have advised me on both an original mortgage and a refinance and the experience has been great. Excellent strategic counsel, extremely responsive, no-nonsense - and a great rate both times. Highly recommend the Spin team.”
“Jeff was phenomenal to work with and always readily available for any questions. His updates were prompt, clear and thorough. 100% recommend Jeff to do your purchase or refinance.”
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