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Embark on a journey to financial flexibility and freedom with our mortgage refinancing solutions. Whether you’re looking to reduce your monthly payments, consolidate debt, or unlock the equity built up in your home for major expenses, refinancing can be a strategic move towards achieving your financial goals.
At The Mortgage Doctors Oshawa, we specialize in crafting personalized refinancing options that align with your unique needs and circumstances, offering expert guidance every step of the way.
Currently, homeowners in Canada can refinance up to 80 percent of the appraised value of the subject property. Here are some reasons why, our clients refinance their mortgage:
Choosing us for your mortgage refinancing means partnering with a team that puts your financial well-being first. Our clients benefit from:
Access to some of the most competitive rates in the market, designed to save you money over the life of your loan.
Personalized refinancing options that cater to your specific financial objectives, whether it’s lowering your monthly payments, shortening your loan term, or cashing out equity.
A streamlined and transparent refinancing process, supported by our dedicated team of experts who are with you at every step, ensuring a hassle-free experience.
In-depth consultations to explore your refinancing options, empowering you with the knowledge to make informed decisions.
Starting your refinancing journey is straightforward and guided by our experts:
Reach out for an initial discussion about your financial goals and refinancing options. We’ll help you understand the potential benefits and costs.
Complete our simple application process, providing necessary documentation about your income, home value, and current mortgage.
Receive tailored refinancing offers based on your specific needs, with transparent terms and conditions.
Choose the best refinancing option for you, and we’ll guide you through the closing process, making it as smooth and efficient as possible.
To further assist you, we’ve compiled a list of frequently asked questions, providing you with in-depth answers to common concerns about refinancing. From understanding how refinancing affects your credit to knowing when the best time to refinance is, our FAQs are designed to equip you with the knowledge you need to make confident decisions about your mortgage.
Refinancing can offer several benefits, including lowering your interest rate, reducing monthly payments, shortening your loan term, consolidating debt, or accessing equity for large expenses.
The right time to refinance depends on several factors, including current interest rates, your financial goals, changes in your credit score, and how long you plan to stay in your home. It’s generally considered a good time if you can secure a lower interest rate than your current one.
Refinancing can impact your credit score temporarily due to the lender’s credit inquiry and the closing of your old mortgage account. However, consistent on-time payments on your new mortgage can improve your credit over time.
Typically, lenders require you to have at least 20% equity in your home to qualify for refinancing, though this can vary depending on the type of loan and lender.
Refinancing costs can include application fees, origination fees, appraisal fees, title insurance, and closing costs, typically ranging from 2% to 5% of the loan amount.
While a higher credit score can provide access to better rates, there are refinancing options available for those with less-than-ideal credit. Programs designed for lower credit scores may come with higher interest rates or fees.
The refinancing process typically takes 30 to 45 days from application to closing, although the timeline can vary based on lender workload and specific circumstances.
Yes, a cash-out refinance allows you to take out a portion of your home’s equity in cash, which can be used for home improvements, debt consolidation, or other significant expenses.
Refinancing can affect your taxes, particularly if you deduct mortgage interest. It’s important to consult with a tax advisor to understand the implications, especially if you’re doing a cash-out refinance.
A rate-and-term refinance changes the interest rate, the loan term, or both without advancing new money on the loan. A cash-out refinance, on the other hand, increases the loan amount to allow the borrower to access equity in cash.
Our experienced team of mortgage brokers can determine your maximum mortgage amount, what your payments are likely to be and options that are available to you. Our goal is to find out our client’s mortgage needs and long term financial goals and provide solutions to meet those needs. Call us at (905) 404-8001 or (866) 452-1100 (toll free) for more information.
Oshawa, Ontario L1G 5N3
(905) 404-8001
(866) 452-1100
info@themds.ca
The Mortgage Doctors is Durham Region’s Mortgage Superstore. Our Mortgage Brokers use their expertises to advise and obtain approvals on mortgage financing that fits your mortgage needs.
Monday – Friday: 9AM – 5PM
Saturday – Sunday: CLOSED
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