Refinance

Term APR 5 yr variable 4.15 1 yr fixed 5.25 3 yr fixed 5.30 5 yr fixed 5.49 10 yr fixed 6.05

There can be a number of reasons to refinance your home:

• To obtain a lower rate
• To decrease your payments.
• To do home renovations.
• To payoff debts
• To reduce your payments to adapt to a new situation.
• To buy investments

You have to tell us the value of your current home, the mortgage balance owing and the nature of the mortgage. Is it open, fixed or variable? Which bank is it with? Do you wish to stay with that bank or move?

Do you prefer branch banking or virtual banking?

There are some tremendous products that can be used specifically in refinance that give you a wealth of options.

There are options which allow the client to re-do the mortgage, cut monthly payments and pay the mortgage off sooner.

A key factor is getting pre-approved.

This is fast and painless and most of all, useful.

A preapproval offers you three advantages:

1. You lock in the rates for 120 days. This rate guarantee can prove invaluable.

2. You are not committed in any way shape or form. If we earn your business we would welcome that. If you choose another route, we wish you the very best.

3. You can pre-position yourself. Understand your situation and your options.

With a refinance, it is more important to provide all the details of your situation.

The pre-approval is a mix of your income, your down payment, the interest rate and your credit rating.

This involves taking details such as:

• Your name
• Your address
• Date of birth
• Social Insurance Number
• Where you work, how long and how much you earn
• Income: is it hourly, salary or commission
• Asset and Liability information
• Down Payment amount and source

There are many options for making your mortgage application:

1. Contact us online using our web contact form here.
   
   
2. Give us a call at 905-388-3176 or toll free at
   1-800-713-0985. We would love to discuss your options and the best mortgage solution for you.
   
   
3. Write us an email with your preferences and any questions you might have. We will promptly reply with tips and advice to help you along in your mortgage planning. Send your emails to advice@fairmortgagesolutions.com
   
   
4. Send a fax with details for what you want for your mortgage to 905-388-1737 or toll free at 1-800-713-0994
   
   
5. Personal meeting at a convenient location for you - your home, your work, our office etc... We won't squeeze you into our schedule - we'll make time for you and fit ourselves into yours!

Whatever you prefer. We will do our best to make it easy and simple for you.

Talk over your situation with us, we can provide advice and options as to what you can do and what the market indicates may be a good route to go.

You want the home to be affordable.

A general ratio is if you are hourly or salaried based, your mortgage payment, property taxes and heating payment should amount to 32% or less of your gross combined income. This is called your GDSR.

In addition, your mortgage payment, property taxes, heating, all other debt like credit cards, student loans and car loans, should amount to no more than 40% of your gross combined income. This is your TDSR.

Every person is different, every situation is different.

If you are self employed, above doesn't apply. You must use common sense. There are excellent programs for self employed clients.

Statistically, it has been shown that if you keep within these parameters, it is generally affordable for you. Try and make yourself bulletproof.

Closing Costs

Closing costs are usually quite a bit less than when you first bought the home.

Talk to us or a lawyer for exact figures.

Take the Next Step

Choose one of the four options below:

1. Apply for a Mortgage Online
2. Call Us at 1-800-713-0985
3. Let Us Contact You
4. Our Contact Info

Apply for a Mortgage Online

Call Us at
1-800-713-0985

Let Us Contact You

Our Contact Info