Refinancing your Mortgage in Calgary
Refinance in Calgary or anywhere in Alberta.
There are many people looking to refinance or simply SWITCH lenders right now. I have access to some very low fixed rate products and am very happy to be able to pass on these rates to you, my clients.
First step in refinancing or switching lenders:
- Call your existing lender and find out what your pay out penalty will be. This could be very high or 3 months interest, depending on the current product and rate you have now. This may change your mind! I have seen some penalties as high as $35,000 this year.
- After you are satisfied that you are comfortable with the penalty associated with breaking your current mortgage, we will begin the application process. Most of my clients simply refinance and “roll” their penalty into the new mortgage to avoid any out of pocket costs.
- After I review all your ratio’s, determine a reasonable value for your home and discuss the best product and lender to suit your needs, I will submit to that lender for approval. I will then provide you with a list of documents you will need to fax to me to back up the information on your application.
- Approval is typically received by the lender within a day or two. I provide you with these docs for signing and then you fax them back to me. After wards I submit them back to the lender along with all your back up documents and the lender reviews and signs off.
Wella~! Its that easy.
Your lawyer will process the new mortgage registration on title and pay out your old lender. This is as simple as it gets, and can be completed in as little as 2 weeks!
