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TAP INTO THAT HARD-EARNED EQUITY

 At Swivel, we understand that every homeowner has unique financial needs and goals. That's why we offer a range of mortgage refinancing options that can be customized to meet your specific needs. Whether you're looking to lower your monthly payments, access the equity in your home, or consolidate debt, we're here to help. 

Some Useful Information

If you're a homeowner looking to lower your monthly mortgage payments or access some of the equity in your home, mortgage refinancing could be the solution you're looking for.  

Lower Monthly Payments

By refinancing your mortgage, you could secure a lower interest rate and reduce your monthly mortgage payments. This can help you save money each month, which you can use to achieve your other financial goals.

Access To Home Equity

If you've built up equity in your home, you can access that equity through mortgage refinancing. You can use the funds to make home improvements, pay for education, or cover unexpected expenses.

Consolidate High-Interest Debt

If you have high-interest debt, such as credit card debt or personal loans, you can use mortgage refinancing to consolidate that debt into one low-interest payment. This can help you pay off your debt faster and save money on interest.

Shorten Your Loan Term

 

Refinancing can also be a way to shorten your loan term and pay off your mortgage faster. This can help you save money on interest over the life of your loan and achieve your long-term financial goals.

At Swivel Mortgage Group in Markham, we understand that mortgage refinancing can be a complex process, which is why we're committed to providing expert guidance and personalized service throughout the entire process. Our team of licensed professionals has the knowledge and experience needed to help you explore your options and find the best solution for your unique financial situation. 

 

If you're a homeowner in Canada looking to achieve your financial goals through mortgage refinancing, contact us today to schedule a consultation and learn more about how we can help you save money and achieve your long-term financial goals. 

  • Income Verification
    Why is income verification more stringent for vacation properties? Vacation property income might be less stable than a primary residence, especially if rented out. Lenders want to ensure you can comfortably manage the mortgage. What documents do I need for income verification? Typically, paystubs, employment letters, and proof of other income sources are required.
  • Property Usage and Location
    Can I rent out my vacation property for short-term stays? Some lenders might have restrictions on short-term rentals. Investment property mortgages might be a better fit. Does the property location impact mortgage approval? Remote or rural areas might pose challenges. Discuss your options with a Swivel Mortgage professional for a clear understanding.
  • Down Payment and Affordability
    Why might I need a larger down payment for a vacation property? Lenders see vacation properties as slightly riskier. A larger down payment reduces their risk and improves your chances of approval.
  • General Inquiries
    What is mortgage refinancing and what are the benefits? Mortgage refinancing involves replacing your existing mortgage with a new one, offering several advantages: Lower Monthly Payments: Secure a potentially lower interest rate, reducing your monthly payments and freeing up cash for other financial goals. Access Home Equity: Unlock the equity you've built in your home to finance renovations, education, or unexpected expenses. Consolidate Debt: Combine high-interest debts (credit cards, personal loans) into a single, lower-interest mortgage payment, potentially saving on interest and accelerating debt repayment. Shorten Loan Term: Refinance to shorten your loan term and pay off your mortgage faster, saving on overall interest and achieving financial goals sooner. Why choose Swivel Mortgage for mortgage refinancing? We understand the complexities of refinancing and offer: Expert Guidance: Our licensed professionals provide clear explanations and personalized service throughout the process. Tailored Solutions: We explore your options to find the best refinance solution for your unique financial situation.
  • The Refinance Process
    What are the steps involved in mortgage refinancing? While the specific steps may vary, the general process involves: Initial Consultation: Discussing your goals and financial situation with a Swivel Mortgage broker. Gathering Documents: Providing necessary documentation to verify your income, assets, and property details. Exploring Options: Swivel Mortgage will compare rates and terms from various lenders to find the most suitable option for you. Application and Approval: Once you choose a lender, we'll guide you through the application and approval process. Closing: Finalizing the refinance and transitioning to your new mortgage. What documents will I need for mortgage refinancing? Required documents may vary by lender, but typically include: Proof of income (paystubs, employment letter), proof of assets (bank statements, investment documents), proof of debts (credit card statements, loan statements), and photo ID.
  • The Basics About Pre Approvals
    What is mortgage pre-approval? A pre-approval is a conditional commitment from a lender in Ontario outlining the maximum loan amount you're likely to qualify for based on your financial situation. It's not a guaranteed approval, but a strong indicator of your borrowing power. Why get pre-approved before house hunting? Pre-approval offers several benefits: Budget Clarity: It helps you identify houses that fit your budget comfortably. Stronger Offers: Sellers prioritize pre-approved buyers, making your offer more competitive. Streamlined Process: Pre-approval simplifies the mortgage application process when you find your dream home.
  • The Process
    What documents do I need for pre-approval in Ontario? Typically, you'll need: Proof of income (paystubs, employment letter) Proof of assets (bank statements, investment documents) Proof of debts (credit card statements, loan statements) Photo ID How long does pre-approval take in Ontario? The timeframe can vary, but it's usually a quick process. At Swivel Mortgage, we aim to deliver your pre-approval efficiently.
  • Additional Considerations
    Does pre-approval affect my credit score in Ontario? Inquiries for pre-approval typically result in a soft credit check, which has minimal impact on your score. How long is a pre-approval valid in Ontario? Pre-approvals in Ontario typically last for 3-6 months, depending on the lender. Contact your lender for their specific timeframe. What happens after I get pre-approved? Once pre-approved, you can confidently start your house hunt and submit offers with your pre-approval documentation. When you find your dream home, you can proceed with a formal mortgage application.
  • The Home Buying Process
    Do I need a real estate agent? Yes! A real estate agent with experience in assisting first-time home buyers can answer your questions, provide valuable market insights, and guide you through the process. What steps should I take before making an offer on a home? Hire a qualified home inspector to assess the property's condition and conduct thorough due diligence by researching the neighborhood (schools, amenities, crime rates).
  • Why choose Swivel Mortgage group as my mortgage broker?
    Our team of experienced and friendly mortgage professionals is dedicated to helping first-time home buyers in Markham, Ontario & Alberta navigate the process smoothly. We understand your needs and concerns and can guide you every step of the way.
  • Government Programs
    What government programs are available to first-time home buyers? The Canadian government offers programs like the First-Time Home Buyer Incentive and the Home Buyers' Plan to help reduce your down payment burden. We can help you determine your eligibility.
  • Pre-Approval and Mortgage Rates
    What is a pre-approval and why is it important? A pre-approval clarifies your budget and strengthens your position in the competitive housing market by outlining the maximum loan amount you qualify for. How do I shop around for the best mortgage rates? Use a Mortgage Brokerage like ours to compare rates and terms from multiple lenders.
  • Budgeting and Affordability
    How much can I afford to borrow? Use a mortgage affordability calculator to estimate your borrowing power based on your income, expenses, and debts. Remember to factor in your down payment, closing costs, and ongoing expenses. What additional costs should I consider when budgeting for a home? Beyond the purchase price, factor in closing costs, home inspection fees, and moving expenses.
  • The Renewal Process
    How far in advance should I start thinking about mortgage renewal? It's wise to begin exploring renewal options 3-6 months before your current term ends. This timeframe allows for a smoother transition and ensures you have ample time to compare rates and make informed decisions. What documents will I need for mortgage renewal? Required documents may vary, but typically include: Proof of income (paystubs, employment letter), proof of assets (bank statements, investment documents), proof of debts (credit card statements, loan statements), and photo ID. What happens after I receive a renewal offer from my current lender? Don't feel obligated to accept the initial offer. Use this as a starting point for comparison. Swivel Mortgage can help you negotiate better rates and terms or explore alternative lenders for potentially more favorable options.
  • Working with Swivel Mortgage
    How can Swivel Mortgage help me achieve my financial goals through mortgage renewal? Our brokers will take the time to understand your long-term financial aspirations. Based on your goals, we can recommend a renewal option that complements your financial plans, potentially saving you money and positioning you for future success. What are the fees associated with working with a mortgage broker for mortgage renewal? Swivel Mortgage typically gets compensated by the lender you choose upon successful renewal. There are usually no upfront fees for our services.
  • General Inquiries
    Should I renew my mortgage with my current lender or explore other options? While renewing with your current lender might seem convenient, it's not always the most cost-effective option. Swivel Mortgage can help you compare rates and terms across various lenders to ensure you secure the best deal for your renewal. What are the benefits of working with a mortgage broker for mortgage renewal? Mortgage brokers like Swivel Mortgage offer several advantages: They can shop around for better rates, negotiate terms on your behalf, align your renewal with your financial goals, explain complex mortgage terms, and guide you through the entire process.
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