Renewal & Financing

Renewal & Financing

How your mortgage renewal is handled

The mortgage renewal process is actually quite simple. Together we can sit down and complete the mortgage application.  At our appointment its important to bring with you a most recent mortgage statement showing exact numbers needed (balance due at renewal date, remaining amortization, renewal date, CMHC number)

We process your credit history, give the file a full review, package it up and send to our lenders. Once I receive the approval and conditions we will schedule a time to meet to review the best offer and sign papers to move forward.

Legal fees when it comes to renewing your mortgage:

When you purchase or refinance your home you need to hire a lawyer to close the deal. With a mortgage switch the new lender can send their legal team to your home to sign final papers. If the Lender agrees to pay for your legal fees for mortgage renewal then there is potential for you to save up to $1500 in legal fees.  The only costs you may incur are those that your current lender charges, such as a discharge fee, penalty (if switching before renewal date), office or administrative fee, etc. Most lenders do not absorb that cost and therefore the client might have to pay it, expect costs of around $300-500 out of pocket.

Pretty simple, pretty straight forward. When it comes time for you to renew your mortgage and you don’t need to touch your equity think about switching to a new lender with terms and conditions and rates best suited for your needs, not what you are forced to take.


Getting The Refinance You Need

So, if are unfortunate enough to not have the perfect credit score that everyone lusts after – and envies; then can you refinance home mortgage with bad credit? It is that portion of the answer that will ultimately take you from not being able to qualify for a home refinance loan, to getting the refinance you need even though you had bad credit.

The best refinance home mortgage loan is one that saves you money. If some lender out there advises that you should refinance your mortgage, and the end result is that you end up paying way more than you did with your original loan – that’s a bad move. Refinancing needs to be done strategically, so that you get access to financing on favorable terms.

Here’s what to do in order to qualify:

  • Make sure you have a credit score of at least 720+, before you apply to refinance home mortgage with bad credit
  • If you don’t have a good credit score, take some time off and work on fixing your score. Debt consolidation and Credit Counselling are great ways to put your credit back on track
  • Be prepared to show pay slips and bank statements for at least several months before applying
  • The best way for how to refinance your mortgage with bad credit is that, once you repair your credit score, you need to maintain it for at least one year prior to applying for the refinancing

The mortgage refinance experts at Sunny Homes offer each client personalized advice on how to refinance your mortgage with bad credit.

We actually consider each individual borrowers financial situation before offering practical solutions – even for potential borrowers with bad credit. And, if you follow the advice offered, you too can qualify for the home loan refinancing that you are looking for.

Understanding Refinancing

So, the first question to ask is: When does it make sense to refinance your mortgage? And the answer is: When you are sure that the long-term costs for refinancing your current near-expiry loan work out to be less than the carrying costs of your existing loan.

Before you rush into an agreement to refinance home mortgage with bad credit, you need to understand what exactly happens in a refinancing transaction. Refinancing is the act of taking your existing debt, and replacing it with new debt.

Sunny Homes  Mortgage Brokers will look closely at your personal credit situation and advise on the most appropriate interest rates for you to refinance home mortgage with bad credit.