SIXMORTGAGE REFINANCING PROCESS.FROM START TO FINISH IN A EASY STEPS

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ONEFind out what your house's value is today.

Once you know this, then you can determine the size of the mortgage that would be best for your situation and whether or not it’s worth refinancing. This is the first step so we can figure out whether refinancing makes sense to fulfill your needs and wants.

TWOLock in the interest rate so you can take advantage of the competitive rates today.By locking in your interest rate, you are protecting yourself from fluctuations in the interest rate. You are protected for 120 days from rising interest rates and eligible for a lower rate if it drops.

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THREESubmit your documents once with a mortgage broker.

Submit your documents once to a mortgage broker to avoid the headache of submitting multiple times to multiple lenders on your own. The benefit of working with a mortgage broker is you can see multiple products and have your broker explain the pros and cons of each one before submitting your application.

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FOURMortgage underwriting and follow-ups.After submitting your mortgage refinance application, you should wait two days to two weeks for the lender to process. This is why it’s important for you to work with a broker who has knowledge on how to minimize revisions to your mortgage application when applying for a mortgage refinancing.

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FIVEConditional Approval and Final Approval.At this step, your preferred lender has offered a mortgage commitment with the lending conditions and terms for your review. Review them with your mortgage broker to make sure you fully understand the contract before signing them.

SIXClosing and funding.This step is completed at the lawyer’s office on or beforethe closing date. Congratulations! You have successfullyrefinanced your house.

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DO YOU WANT TO LEARNMORE ABOUT A TOPIC?Learning Hub is an online resource for all of your learning needs. We have articles, videos, and tips that will help you with deepening your understanding on mortgages in Canada. You might even become a mortgage broker one day!

With Learning Hub, it’s easy to get the information you needwhen you need it. And we’re always adding new content so there’s always something new to explore on our site. So go ahead and start learning today!

Visit us at Learning Hub and I dare you to be more knowledgeable than me one day.

Jermaine Hinds

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https://hindsmortgages.ca/jermaine-hinds-mortgage-broker/learning-hub/

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Hey, I’m Jermaine Hinds, and I’m a licensed mortgage broker in Ontario.

I made this guide for homeowners in Ontario. I hope that it helpsyou with lots of information about mortgage refinancing costs. This way you will never be surprised by fees that cost a lot more than you were expecting.

Ask me how you can weaponize your debt to build generational wealth through real estate.

Jermaine Hinds

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