Call Now

Mortgage Refinancing Whitby

Mortgage Refinancing Whitby

Your home can provide financial security when you need it most. Mortgage refinancing can give you the cash you need now. 

 

Steve Tallo Realtor is a mortgage refinance specialist in Whitby with approximately 30 years in the financial industry. 

 

Book an appointment with Steve Tallo Realtor today. You'll learn how mortgage refinancing can benefit you and whether or not a mortgage refinance is your best financial option. 

 

You'll receive the guidance you need and the perspective you can trust. Talk to Steve Tallo Realtor today.

 

Book a free consultation.

 

What are the Different Types of Mortgage Refinancing?

A home equity takeout is considered a mortgage refinance.

 

Transferring to a new institution to receive a better rate on your term is also considered a refinance.

 

When to Refinance if Transferring?

A transfer might benefit you if your term is coming up and better rates are available from a new institution. Typically, banks allow you to decide whether you want to stay or transfer to a new institution four months before your renewal date.

 

Is There a Penalty for Transferring Before the 4-Month Period?

Yes. If you transfer before your term comes up for renewal, you will be penalized. Penalties can range in cost and can be based on multiple factors. 

 

Talk to your bank ahead of time to learn about any penalties and how much they will cost you. A refinance expert, like Steve Tallo Realtor, can help guide you. 

 

When Should You Refinance a Mortgage?

An ideal time to refinance is when your term ends and you receive a lower rate from another bank. 

 

If you have paid your mortgage and have equity available in your house, a mortgage refinance would allow you to use your home's equity to cover whatever expenses you have. 

 

For example, many homeowners use a refinance for debt consolidation, acquiring an investment property, loan payments, and more.

 

Is Refinancing a Mortgage the Same as Taking Out a Second Mortgage?

A second mortgage puts a lien after your first mortgage. People who use a second mortgage usually have time remaining on their term.  

 

If you need to access capital now without breaking your term and having a penalty, a second mortgage can allow you to leverage equity in your home to get the funds you need.

 

Does Refinancing Hurt Your Credit?

Yes. At first, a mortgage refinance will lower your credit score. However, a mortgage refinance can lower your overall debt and monthly payment, which lowers your credit score over time. Within a few months, your credit score can recover from the refinance and actually improve.

 

Learn More

Mortgage refinancing lets you use the equity in your home to access funds you need for whatever life throws at you. 

 

Reach out to Steve Tallo Realtor to get the money you need now. Often, you can refinance without impacting your current mortgage.

Steve Tallo's process makes refinance a breeze. Contact Steve Tallo Realtor to discuss mortgage refinancing in Whitby.

 

Mortgage Refinancing Whitby