PHONE: 519-860-2102
203-920 Commissioners Road East
London, Ontario
N5Z 3J1
FAX: 833-340-7043
markmitchell@mortgagealliance.com

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Refinance My Mortgage London Ontario | Available 24/7, I offer Mobile Mortgage Broker Services to London Ontario and Surrounding Area. Call or Text 519-860-2102 for Details.

Mortgage Broker London Ontario - Refinance My Mortgage


"When you use the Right Mortgage Broker, you get the Best Mortgage Rate"


Refinance My Mortgage London Ontario


As a Licensed Mortgage Agent in I work with over 67 + Lenders which offer the Best Mortgage Rates in London Ontario and Surrounding Area. Available 24/7, Call or Text 519-860-2102.


Refinance Your Mortgage


I specialize in helping people in London Ontario and Area Refinance their Mortgages. Refinancing your Home involves taking money out of your home equity: the equity which you have gained since the purchase of the home. People refinance their homes for a number of reasons. Available 24/7, Call or Text 519-860-2102.


I am often asked, "Why would I Refinance my Mortgage ?" There are a number of reasons why people decide to Refinance their current mortgage, including Lower Mortgage Rates and Lower Monthly Payments, Debt Consolidation, Home Renovations, Consolidating Existing Mortgages, Purchase another Property or Tuition for their Children.


Lower Mortgage Rates = Lower Monthly Payments


I have found that many people who locked in with a 5 Year Fixed Mortgage Rate 3-4 years ago did so when interest rates were higher, or locked in with one of the big banks. Now that Mortgage Rates are relatively lower they are able to re-finance their mortgage, take out some home equity, and keep their payments similar to what they were before. This has allowed many people to lower their monthly mortgage payments and free up some cash for other endevours.


Debt Consolidation


Whether you opt for a Fixed or Variable Mortgage Rate, interest rates, all things being equal, are well below 4 percent. Given that many credit cards are at 18 percent or higher, you can Consolidate your Debt and have a much lower overall monthly payment. You can also Refinance your Home to reduce or pay off monthly car payments, pay for outstanding taxes, or anything that will reduce your monthly debt load, thereby saving you money!


Home Renovations


Home Renovations and Improvements are one of the most common reasons why people decide to Refinance their Homes. I have helped multiple people pull out their home equity as a means to build a garage, install a new kitchen, finish their basement, put on a new roof and other general home improvements. It is a win-win situation, as often the home value increases due to the aforementioned home improvements!


Consolidate Existing Mortgages


I am often asked, "I have a First and Second Mortgage on my home, can I Refinance my Mortgage and join both payments ?" The Answer is Yes!


As London Ontario Home Values have risen so too has the ability to Combine your First and Second Mortgages into one affordable monthly payment. As most Second Mortgages consist of Interest-Only Payments, in the range of 9-14 percent, if we can Consolidate into one low interest rate then it makes financial sense to do so!


Purchase Another Property


It is not uncommon for individuals to Refinance their Mortgage to get a Down Payment for another property. I have helped many people pull out some of their home equity so they could either put a down payment on a new property for themselves (second home, vacation home, etc) or to help with their children with a Down Payment.


Tuition Payments


As post-secondary tuition continues to skyrocket many parents are opting to help their children out with their education by Refinancing their Homes. While this is a large expense, the good news is that mortgage rates continue to be at a historic lower.


Factors to Consider


In order to get the Lowest Mortgage Rate on the Refinance of your Home you borrow up to 80 percent of your home's value. If you live in London Ontario you can pull out up to 85 percent of your home's equity, however the interest rate will be much higher.


It is also important to consider how long of a Mortgage Amortization you are considering. While it may be tempting to Re-Amortize over 25 years in order to get a Lower Monthly Mortgage Payment, this will also effectively restart your mortgage from the beginning. It is important to consider whether or not this fits into your long term financial goals.


As with any mortgage, it is also imperative that you consider whether you want to go with a Fixed Mortgage Rate or Variable Rate Mortgage. This will have an effect on the interest rate, monthly payment and how quick your mortgage is paid off.


I will help with all of these considerations when we meet to discuss what is the best plan for your finances going forward.


If you are considering Refinancing your Mortgage then please do Contact Me! Available 24/7, Call or Text 519-860-2102.