Credit Score
Most Lenders have a minimum beacon score requirement. it determines whether you can refinance with the same level of lender(prime or subprime).
(01)Mortgage Refinance
MortgageRefinance
Refinancing a mortgage is a method of replacing your current mortgage with a new mortgage.
(02)Understanding Refinancing
You may want a better rate, lower your monthly payment, consolidate some debt.
Refinancing can be done during the term of the mortgage or at the end of the term if you want to explore options instead of renewing with same terms.
Mortgage Refinance, instead of renewal only makes sense if you can obtain a better rate or want to change amortization to pay off your mortgage quicker.
(03)Financing Considerations
Before you refinance
Income
Are you able to meet the income requirements and provide income documents to qualify with a new lender?
GDS/TDS
Do you meet the Gross Debt & Total Debt Ratio Criteria. You should factor in additional payments reporting on your credit bureau such as: loans, lease payments, credit card, co-signed loans.
Market Rates
If you qualify, will you get a better rate than your current?
(04)Free Consultation
Refinance with better terms
Lending Square Group helps Canadians refinance with better terms and rates. We can quickly advise of the lowest market rates. During the initial consultation we can review your credit report, income and calculate GDS/TDS to provide best approvals for your situation.
Our goal is to ensure you save money with mortgage refinance with lower rate, different amortization or change in frequency of payment. Our team helps borrowers with long time strategies to pay off mortgage faster with minimal cost.
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Type of Mortgages & Home Loans
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