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Helpful Information

Refinancing Mortgage for a Renovation

Refinancing Mortgage for a Renovation

  • Feb 22, 2017

Refinancing your mortgage is as easy as refinancing an auto loan or taking out a line of credit or a home equity loan. It does however allow you possibly decrease your interest rate of the original mortgage and may help turn a rigid structured mortgage into a very flexible mortgage. BlueMountainMortgages.com will give you free custom mortgage advice today to start the process of your refinancing mortgage and explanation of potential benefits today.

Whether you own a home in Owen Sound, the Town of Blue Mountains, Wasaga Beach or anywhere else in Ontario, we offer strong sound mortgage advice and mortgage consultation that is based on your individual needs. We can help you with a renovation mortgage or a home equity loan or any other property advice you may require.

A refinancing mortgage will help you leverage the home equity you have built within your property in order to renovate your home and increase home and property value. A refinancing or renovation mortgage is similar to a home equity loan but when refinancing you have more options in which to benefit from your home equity such as a restructure of a brand new mortgage and lower interest rates.

Penalties and Interest Rates

When we have a consultation you will get mortgage agent advice that will let you know what banks and lenders are mitigating in terms of penalties and rates in order to keep your business. Usually banks will charge 3 months interest at the current rate as a penalty when you try to get a refinancing mortgage. However, using a mortgage agent will allow you leverage and strength when discussing these rates and penalties. We are not just dealing with one lender. We deal with over 50 banks and lenders and will find the best option for YOU. This is our strength and ultimately a huge financial benefit to you.

Getting a home equity loan will not allow you to restructure your current mortgage for a flexible mortgage, or a variable rate mortgage, to a fixed one. But, when you get a renovation mortgage you are essentially discontinuing your old mortgage and can get a lower interest rate on the new one. Your renovation mortgage still allows you to leverage your home equity to increase property value and home value so contact us today and discuss your properties home refinancing needs. We also have great relationships with contractors who have assisted many of our clients in the past.

Fast Cash

When you get a refinancing mortgage you gain access to over eighty percent of your home’s value minus any outstanding mortgage. This gives you quick access to cash in order to get one of the great and reputable contractors in the Georgian Bay area to improve your home’s value through a much needed renovation today. Our free advice and a consultation also allows for us to direct you to the most reputable contractors from Owen Sound all the way to Wasaga Beach with Meaford, Thornbury, Blue Mountains and Collingwood in between! The best contractors come strongly recommended and we can assist you with finding the best for your renovation. We have noticed recently some good Barrie and Shelburne contractors doing work in our area as well.

Other Costs

Most times when you are going about getting a refinancing mortgage you will incur lawyer or solicitation fees to change the title and other information required to be filed with each province and municipality. In Ontario there are more flexible terms if your home mortgage is still over $200,000, where the existing bank or financial institution will pay for the use of lawyers. Sean Landreth has strong relationships with lawyers in the Georgian Bay area who are very reasonable and have assisted many of our clients in the past.

A renovation is one of the best investments you can make in your property. It is a very simple process from a refinancing or mortgage aspect. The key is finding the lender with the best terms for your specific needs. We truly take pride in representing our client’s best interests and getting them the best terms and deal. We are a phone call, text message or email away and always willing to lend our best advice. We look forward to it!

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