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Everything You Need to Know Before Refinancing Your Mortgage

Refinancing your mortgage can be an excellent financial strategy—if you time it right and understand how it works. Simply put, mortgage refinancing means replacing your current mortgage with a new one that has different terms, a new interest rate, or a new amortization period. Homeowners often refinance to lower monthly payments, consolidate debt, access home equity, or take advantage of better rates. However, refinancing is not always the best choice for every situation. There are costs, requirements, and long-term implications you must consider before making this significant financial move. What Is Mortgage Refinancing? Mortgage refinancing is the process of paying off your existing mortgage with a new one. The new mortgage comes with its own terms, interest rate, amortization period, and conditions. You can refinance with your current lender or switch to a new one if they offer a better deal. Why Homeowners Choose to Refinance Many Canadians refinance their mortgage to achieve one ...
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Do Mortgage Brokers Charge a Fee

 When you’re planning to buy a home or refinance your existing mortgage, a mortgage broker can help you find the best loan option. However, one of the most common questions people ask is — Do mortgage brokers charge a fee ? Understanding how mortgage brokers get paid can help you make an informed financial decision. Understanding Mortgage Broker Fees Mortgage brokers act as intermediaries between you and lenders. They compare various loan options, negotiate rates, and guide you through the entire process. For their services, brokers typically earn a fee — but how this fee is paid can vary. Types of Mortgage Broker Fees Borrower-Paid Fees: In some cases, you pay the broker directly for their services. This fee is usually a percentage of the loan amount, often ranging from 0.5% to 2.75%. For example, on a ₹50,00,000 loan, the broker’s fee could be between ₹25,000 and ₹1,37,500. Lender-Paid Fees: Many brokers are compensated by lenders instead of borrowers. In this case, the lender pa...
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Mortgage Renewal Options in Milton: Bank vs. Broker

  When your mortgage term is coming to an end, you will face one of the most important financial decisions in your homeownership journey: mortgage renewal. For homeowners in Milton, this process provides an opportunity to reassess financial goals, take advantage of better rates, and adjust terms that align with your lifestyle. But a common question arises—should you renew with your bank, or work with a mortgage broker ? Understanding Mortgage Renewal in Milton A mortgage renewal occurs when your current mortgage term (often 1–5 years) ends, but you still have a remaining balance to pay off. At this point, you must either renew your mortgage with your existing lender or choose a different lender. In Milton’s competitive real estate market—where property values have steadily risen and interest rates fluctuate—renewal is a valuable opportunity to: Lock in a lower interest rate. Shorten or extend your mortgage term. Consolidate debt into your mortgage. Switch from a variable to a fix...
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