Mortgage refinancing is the process of replacing your existing mortgage with a new one, often to take advantage of lower
interest rates, access equity, or consolidate debts.

Refinancing may be beneficial when interest rates have dropped, your credit score has improved, you need to access home
equity for major expenses, or to consolidate high-interest debts.

By refinancing to a lower interest rate, you can reduce your monthly mortgage payments and potentially save thousands of
dollars over the life of the loan.

Yes, mortgage refinancing allows you to consolidate high-interest debts like credit cards and personal loans into your mortgage,
which often results in lower overall interest payments.

Refinancing may incur closing costs such as appraisal fees, application fees, legal fees, and prepayment penalties, if
applicable. However, the potential savings from a lower interest rate can often outweigh these costs.

Refinancing with bad credit may be challenging, but it’s not impossible. Your eligibility and terms will depend on your overall
financial situation and the lender’s criteria.

Most lenders require at least 20% equity in your home to consider refinancing. However, there are options available for those
with less equity.

Yes, you can refinance your mortgage before the term is up, but you may incur prepayment penalties. It’s essential to calculate whether the potential savings outweigh the penalties.

Generally, you will need income documentation, proof of assets, credit history, and property-related documents to support your refinancing application.

The refinancing process can take several weeks, depending on the complexity of your application and the lender’s processing time. Working with an experienced mortgage broker can expedite the process.

Yes, refinancing can provide access to funds that you can use for other investments or projects, such as buying another property
or funding home improvements.

Yes, refinancing is available for various types of properties, including condos and investment properties, subject to the lender’s criteria and guidelines.