Refinancing & Debt Consolidation

Let’s start off by assessing why you would like to refinance or pursue debt consolidation? I love to provide debt advice and money-saving suggestions and my goal is to find the right mortgage or debt repayment strategy for you.

There are many reasons why it could be beneficial to pay off your current mortgage and replace it with a new one. We will help you determine if this is the best road to take, and if we can help you on your way to getting out of debt. Read on to learn how to refinance a mortgage with Anita Groves Mortgages.

Here are some reasons why our clients refinance:
(1) To take advantage of new low interest rates (2) To access equity (cash) in their home for a variety of reasons (3) to consolidate loans and existing higher interest rate debt (4) to renovate (5) to help a child who is attending college (6) to purchase an investment property or (7) to scratch something off the bucket list!

In Canada, home owners can access up to 80% of their home’s value (85% with some lenders). Usually this is called an ETO or Equity Take Out. This is done by breaking a current mortgage and adding that current mortgage onto the new amount the client would like to access. Note that there are usually penalties involved in doing this.

An ETO can be done by getting a brand new mortgage with a different lender, taking out a home equity line of credit or blending and extending your mortgage with your current lender.

Associated Fees with Refinancing

The fees associated with refinancing your home depend on the strategy we use to access your equity. If the qualifying ratios are in your favour, we can add the penalty to break with your current lender into the requested mortgage amount. We can generally calculate what these penalties might be with a certain lender but it is also a good idea at this stage to contact your current mortgage holder first to find out if and what those fees will be. There will often be a 3-month interest penalty or an IRD (interest rate differential) calculation for breaking your mortgage. Each lender uses their own posted rates to determine the formula to break.

As well, you will always incur legal costs as a lawyer must change the financing on title.

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I wanted to send a quick email to thank you so much for all of your help. We appreciated the helpful tips and all of your time. Thanks again Anita! You're great to work with. Take care,Noelle C.

Along with an application and signed consent to pull your credit report (credit determines what kind of borrower you are and have been in the past) we will request several income documents from you based on your type of income earned – whether you work for an employer or are self-employed. As well, there are many other questions we will need to ask you and the end result will be options that we provide based on your situation.

There are several ways you can submit an application to us. You may apply on-line here (link to app), by phone or in house, our office or your location. We can also fax you an application form if you wish.

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We were more than pleased with the service we were provided. Anita met all of our expectations and went above and beyond. We're so happy we found her and will continue using her service forever. Thank you thank you thank you!!!!!Shannon C.

There are certain guidelines that the applicant must meet in order to refinance and one of them is to verify property value. This is usually done by way of an appraisal and/or inspection report. Lenders will condition this in the commitment and will provide an approved appraisal list or an online automated appraisal service that they mandate us to use. In turn, we order the appraisal on your behalf. That appraiser will then contact you and determine a convenient time for both parties. This report is sent directly to the lender. In some cases, we will order the appraisal ahead of time (we will find out who the approved appraiser is) if we think that the value might present a tight margin for the ratios we are using for you to qualify. Again with a refinance it is 80% loan to value. Once the value is determined we then proceed with your mortgage transaction.

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Hey I want to thank you for the sweet knife! Also thanks again for getting my mortgage, with putting up with my unorganized madness. Lol. We are all settled in new place. Always a pleasure working with you! I am always mentioning your services to friends. Thanks again from us!!Dan H.

It is our job to sell your application to the lender and make sure you get the best possible rate and terms for your situation. At this time, the lender has reviewed the application we have submitted and they now will issue a commitment of approval.

This approval will be subject to meeting certain conditions such as income documents, appraisal report, etc. It will state specifically which documents the lender requires for income such as NOA’s, T1 Generals, paystubs, employment letters, etc. We usually request these documents from you up front and already have them on file.

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"Just a short note to thank you for all your dedication of finding me a mortgage. You worked hard for me and I sure appreciate it. I have been in business less than a year and you still managed to get me a mortgage. Thanks for everything.  Hoping to do business with you again."Cathy M.

Each commitment is different and targets specific criteria. The commitment comes to us directly. We do up what we refer to as the “signing package” and have you come in and sign. At this point, we still have the ability to change the rate and term, payment amount or frequency, etc. (as long as your ratios are still in line with what is acceptable to the lender). We can also send the signing package by email.  In this case, we also like to review this package with you page by page which can be done over the phone. There are other documents included in our signing package. We are mandated as mortgage agents and brokers to provide certain information; discussing fees, closing costs, mortgage insurance, etc. We go over all of this and provide a copy of this package to you.

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I wanted to send a quick email to thank you so much for all of your help. We appreciated the helpful tips and all of your time. Thanks again Anita! You're great to work with. Take care,Noelle C.

Once you have chosen a real estate lawyer to work with, we provide their contact information to the lender. As part of our service to you, we then forward all of the documentation your solicitor requires to their office. In time, the lender will then send “Instructions” to your lawyer’s office. These Instructions are similar to the Commitment that we receive only this time now with a list of conditions that your solicitor is mandated to meet on your behalf. These conditions could consist of providing house insurance verification, confirming and requesting a payout statement from your current lender, etc. You will have a meeting with your lawyer, prior to closing to confirm all of the details and provide legal signatures.

If you don’t have or know a lawyer, we will be glad to refer you to one.

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"We came to Anita in trouble, in way over our heads. We were pressured into going with a different financial institution originally, where instead of resolving our financial situation, it became worse! Anita rescued us from our financial mishap with great success and ease. She is very open, calm, and explains everything that she is trying to accomplish to the fullest. She finds the best possible, comfortable resolution without adding extra stress and with the best end result. She is eager to guide you back to better credit and financial state! We truly appreciate how Anita helped us!! I would highly recommend Anita Groves!!   Thank you Anita, and Nancy!!"Danielle and Rick

ready_to_refinance

Once your lawyer has completed the work, your new mortgage is now registered and in place. Sit back, relax, enjoy the benefits of what this new mortgage will achieve. If you have any questions don’t hesitate to contact our office.

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Thanks so much Anita. You have been an absolute pleasure to work with and I appreciated the open lines of communication through out this process. I definitely hope there’s more to come for us in the future and I will most definitely refer you to my clients going forward. Thanks again. Kind Regards,Julie (Realtor)