Mortgage Refinancing Fort McMurray

Your How to Guide to Refinancing your Mortgage for Oil and Gas Workers in Alberta

  1. FIND OUT YOUR REFINANCING OPTIONS
    You may want to update your kitchen, add that ensuite you’ve always wanted, book a relaxing vacation, or tackle outstanding debt once and for all. Refinancing your mortgage can help you achieve these dreams. Consolidate your home loans, switch from a variable-rate mortgage to a fixed-rate mortgage, or reduce your term.

 

  1. CHECK YOUR CREDIT SCORE
    In order to determine your eligibility for a mortgage, lenders will check your credit score. That’s why checking your credit rating is a smart step when you want to refinance. The better your credit rating, the more a lender will want to secure your business. If your credit rating is not quite where you’d like it to be, there are small, easy steps you can take to get it going in the right direction. For instance, do not max out your credit cards, and do your best to pay off high-interest loans as quickly as possible.

 

  1. IT’S TIME TO SHOP
    Whether you’re shopping for groceries or a hot new pair of shoes, value matters. Your mortgage planner will go shopping on your behalf for the best interest rate and options. Over the life of your new mortgage, a lower rate can mean big cost savings.

 

  1. GATHER YOUR FINANCIAL DETAILS
    When your mortgage planner knows your full financial picture, they will have the information they need to secure you the right mortgage. Gather your financial details such as your current lender’s details, the balance on your current mortgage, gross monthly income, and the appraised value of your home.

 

  1. DO THE MATH
    When it comes time to refinance your mortgage, you will be presented with a number of loan options. Your mortgage planner will help you identify which one is right for your wants and needs. Interest rate is just one factor to consider. The length of the term, amortization period, and fixed or adjustable rate are other factors to take into account when refinancing.

 

  1. FACTOR IN OTHER COSTS
    Refinancing your mortgage may come with additional fees and costs. Fees associated with refinancing may include brokerage or underwriting fees, transaction costs, settlement costs, and closing costs. Your Fort McMurray mortgage planner can discuss these costs with you and factor them in as you decide on a mortgage.

 

  1. IT’S TIME TO APPLY
    With all your ducks in a row, it is now time to apply with your lender of choice. For a smooth and simple application process, have all required documents at the ready. These include proof of income, income tax returns, current bank statements, and information on your monthly expenses.

 

  1. YOUR DREAMS AWAIT
    When your application is accepted, you will have a new mortgage in hand. Once the paperwork is complete, those aspirations we talked about all the way back in step one can now come to life. Take the sledgehammer to the kitchen, book that Caribbean getaway, or start paying down debt. Enjoy!

For more information or any questions you may have about mortgage pre-approval, give me a call at 780-370-1490 or contact me to discuss further or fill out the form below to get in touch with me about your mortgage solutions: