Mortgage Refinancing

If you have an existing mortgage loan, you may think about refinancing it at some stage in your life. If you are looking forward to a refinance, what you are effectively doing is paying off your existing loan and replacing it with a fresh one tailored to suit your needs.

Are you locked up in a mortgage? Is your existing mortgage proving to be a burden for you? Are you unable to enjoy life with your family in the new home because of mortgage stress? Don't worry, you can clear off your old mortgage so that you can break free from it. As a house owner, you need to understand that there is nothing wrong in mortgage refinancing.

Ramanjit Singh ensure that you breathe easy while we do all the hard work for you. We ensure that the mortgage refinancing option is a profitable one for you.

Reasons to choose Ramanjit Singh for mortgage refinancing

With Ramanjit Singh, you can get your mortgage refinancing done at a lower rate. This helps you save thousands of dollars in a month.
A low interest rate translates to less loan payment per month. This means a higher monthly savings.
Ramanjit Singh helps you to effectively manage your high interest debts effectively with the refinancing option.
Ramanjit Singh takes care of everything in the mortgage refinancing process from beginning to end. This enables you to focus on other important work.
Ramanjit Singh offers top-notch customer service. The mortgage refinance experts are there to take care of all your mortgage worries.
Ramanjit Singh help you save a lot of money through refinancing. You can invest this money in renovating your home.

What are the costs involved in mortgage refinancing?

Yes, mortgage refinancing means you pay less each month due to low interest rates. However, the refinancing option comes with additional costs as well. Refinancing involves prepayment penalties, legal charges, administration charges, appraisal fees, and a closure fee as well if you decide to choose a new lender. You must take care to ensure that these additional costs don't exceed the money you are saving by way of refinancing.

What is the loan-to-value ratio (LTV)?

One of the most important factors that lenders take into consideration for a mortgage refinance is the loan-to-value ratio. The LTV ratio compares your existing loan balance with the value of your home. It can be easily calculated by dividing your balance mortgage loan amount + other loans secured by your home with the present value of your property. Most lenders need a LTV ratio of less than 80 percent for mortgage refinance.

What is home equity?

Home equity refers to the percentage of the mortgage loan that you have cleared off so far. Before you go in for a refinance option, most lenders require that you must have some equity in your home. For you to qualify for refinancing, your home must have at least 20 percent equity.

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