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Refinance Mortgage

Get Approved in 3 Simple Steps
Step 1
  • Type of Loan
  • Mortgage Request
Step 2
  • Property Value
  • $ 50,000
  • Mortgage Request
  • $ 50,000
Step 3
Your Estimated Monthly Payment *

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Mortgage Refinancing

Money is something we never seem to have enough of. We work hard but there’s always something missing. Whether it’s extra funds to send our kids to college or enough cash to retrofit our home, we’re constantly struggling to find enough money to make everything work. With a refinance mortgage from PrivateLend.com, everything is doable from paying for child’s education to adding solar panels to your home, making it more environmentally friendly.

What Is a Refinance Mortgage?

A refinance mortgage occurs when you obtain an entirely new mortgage with different terms and interest rate. Instead of taking on a second mortgage, refinancing allows you to scrap your existing mortgage and replace it with a new one. Like any mortgage, you will still need to make monthly payments.

How Do You Refinance?

There are several ways to refinance your mortgage. The most common way to refinance is to break your mortgage contract early.

Breaking a mortgage entails eliminating your existing term and taking on a new one. It’s simple, and PrivateLend.com will make the process as easy as possible for you. There may be a penalty that goes along with breaking your mortgage, however it is a one-time deal, and we will make sure it makes sense financially to do so.

If you have a variable rate mortgage your penalty for breaking your contract is three months interest. Conversely, if you have a fixed rate mortgage, the penalty is the greater of three months interest or the IRD.

The IRD (interest rate differential) is the amount that applies if you pay off or break your mortgage before it matures. Do not let the idea of a penalty deter you from considering a refinance mortgage. In the long run, you will benefit greatly from refinancing because you’ll be accomplishing a specific goal or even saving money on a monthly and annual basis.

What Are The Advantages Of Refinancing?

When it comes to refinancing there are a number of reasons that lead people to do it.

Firstly, it offers a great way to take advantage of low interest rates. Interest rates flow like ocean tides and although we can somewhat predict if they’ll rise or fall, we sometimes get stuck with a higher rate on our initial mortgage because it made sense at the time. If that’s your case then refinancing can allow you access to a better rate.

Furthermore, refinancing gives you access to the equity built up in your home. Through refinancing you can get up to 85% of your home’s value. You can use the money for home renovations, a child’s schooling or even to purchase a new vehicle. Refinancing also allows you to consolidate debt. If you have outstanding high interest debt (credit cards, car loan, line of credit, mortgage arrears, property tax arrears) you can consolidate it into your mortgage to create a manageable monthly payment that encompasses all of your debts into one.

Contact us to start the refinancing process. At PrivateLend.com, we have the tools necessary to ensure you get the right mortgage package you want and need. Whether you’re looking for extra funds to revamp your backyard or send your child to a top-tier university, we’ll help you make it happen!

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Current Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • $50,000 Mortgage Requested
  • $25,000 Tax Arrears $500/month
  • $25,000 Credit Cards $750/month
  • Total $2,750/month

Second Mortgage

  • Home Worth $300,000
  • Current Interest Rate 3.0%
  • Current 1st Mortgage Payment $1,050
  • $250,000 Mortgage Balance
  • 2nd Mortgage Payment $250
  • $25,000 Tax Arrears Paid
  • $25,000 Credit Cards Paid
  • Total $1,300/month
You Save $1,450/month!

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Are you thinking about purchasing a home? If so, then here are the questions you need to consider before you start shopping for a mortgage. What type of lender do you want to use? Mortgages are available through a wide variety of sources. You can obtain a home loan directly through lenders such as credit unions, mortgage companies, and commercial banks. You can also use a mortgage broker, who can contact lenders for you and present you will several different offers. Read More

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testimonials

Being a new resident from another country and working for yourself can pose a lot of problems financially and I tried a number or people before finding Privatelend. Alicia and Sunny were quick, helpful and just made my life a whole lot easier. I can breathe again. I would recommend anyone to use them in a heartbeat.

D & E, North York

Thanks again for getting us back on track with our finances. You are all very pleasant and I have nothing but admiration for your professionalism with us in this big step we have taken at this stage of our life. We wish you the very best always.

K & S

I just finished a refinance with privatelend but it would not be complete unless I gave a shout out to my contacted people Alicia and Sunny they were competent ,prompt, easy to contact and very pleasant thanks a bunch girls great job.

Wayne from Whitby
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