The Greater Toronto Area & Mortgage Refinancing

Opting to refinance a mortgage for your Greater Toronto Area (GTA) home could save you money big time. The problem is, most homeowners don't know where to start when it comes to making these kinds of decisions. Navigating the world of financial borrowing can be complicated and intimidating for the average property owner. Learn how to take control of your debts by refinancing your GTA home mortgage with Canadalend today.

Mortgage Refinancing: A Brief Summary

Experts define refinancing as paying off credit by opening a new loan of the same amount and using your property as collateral. It is extremely important to have financial goals and forecasts before deciding to refinance, as this move may not be appropriate for all homeowners. In order to qualify, property value should be higher than the refinancing amount and the individual applying should have an exceptional credit score. A trusted financial lender will also take into consideration a household's yearly income in order to determine if the refinancing amount is manageable.

Benefits of Refinancing

Once a household knows they can be approved for a mortgage refinance, it's time to make some decisions. Here are some of the most beneficial reasons to refinance a mortgage on your home in the GTA:
  1. Low interest rates - If you feel you are paying too much in interest right now on pre-existing debts, refinancing can be a great option. Negotiating a lower rate is part of the process of applying as well as one of the major benefits of enrolling in general
  2. Equity boost - If interest rates are lower, the individual responsible for the loan can pay off a higher amount each month while increasing equity in the process. Financing allows for a better handle on debt and rate fluctuation, making it easy for homes to become more valuable for the property owner in a shorter amount of time
  3. Structure & stability - Refinancing makes monthly payments easy and predictable. Mortgages with variable rates can be stressful and confusing, which is why many owners opt for locked-in, fixed-rate refinance loans
  4. Credit rating - Switching to a refinanced mortgage will improve your credit rating over time, especially if it has been suffering due to lack of consistent and continual payments on a variable loan

Hiring a Mortgage Specialist

One always has the option of hiring a professional to help with the process. Look toward all types of financial institutions for lending and advice, not only the major banks. A reputable and trusted source will be friendly and knowledgeable about current rates and financial trends in order to better serve the client. Ask for references and referrals prior to making any sort of concrete business deal or transaction.

Contact Canadalend Today


So, what are you waiting for? Book a consultation today to speak with a certified financial professional about refinancing your GTA home mortgage. Big-time savings are waiting for you!



4 member reviews
    By Mark
    Thank you Canadalend for helping me with mortgage approval advice.
    so hellpful with their responses to mortgage related questions
    The Canadalend team helped me when I had no where else to turn. Thank you so much
    By Flux
    Very Helpful financing and lending information!