Refinance Mortgage Services

Mortgage Advisor in Maple Ridge, BC

Help people to consolidate debt into one easy smaller payment

• Refinancing is a great way to clear up non-mortgage debt or use the equity in your home to pay for renovations or whatever you may need capital for.
• Typically, clients will wait until the end of their current mortgage term to refinance or alternatively, break their current mortgage to refinance.
• When clients wish to break their current mortgage to refinance, it is important for clients to be aware of the prepayment penalty their current lender may impose for breaking the mortgage before maturity. There are 2 methods:
  • 3 months interest
    This is calculated at your current rate multiplied by your outstanding balance x 3 months.
  • IRD -Interest Rate Differential
    The calculation for this varies by lender and it is important that borrowers find this number out ahead of time to avoid any shock at signing.
• The qualification rate is the test the Government places on borrowers to ensure they can withstand potential future rate increases and to keep household debt in line. Currently the stress test for qualification is 4.79% and will be increasing to 5.25% beginning June 1st for both insured mortgages (>20% down) and uninsured mortgages (>20% down).