Mortgage Refinance - Oshawa Mortgage Intelligence

Mortgage Refinance - Oshawa Mortgage Intelligence

Mortgage Refinance

Since the onset of the Recession in 2008 government legislation has brought in tougher lending guidelines. One area that has been hard hit is the refinance market.

Where once we were able to offer mortgage refinances to 95% of the value of a property. The maximum amount is now 80% of the appraised value. Even appraised values are coming in lower in response to increased risk reduction.

Refinance Plus Improvement Mortgages:

One way to access some equity from an existing home is through a product called Refinance and Improve. Whereby you apply for a mortgage with the intention of renovating. An appraisal will be done to estimate the value of the home once improvements have been made.

Here’s how it works:

Current home value $250,000

Current mortgage at 80% of value $180,000

Amount of improvements (10% of current value) $25,000

Value of improved home $275,000

Amount of Refinance and Improvement mortgage at completion $205,000

This type of refinance is only for renovation situations but it does allow equity out when the current loan to value does not allow refinance under normal circumstance.

While refinance options have declined under new Mortgage Rules since 2008, Mortgage Brokers still have ways to help you access some of your equity. Call us to discuss your own financial goals and we’ll find you the best solution. 866-452-1100. We help clients in Oshawa and through Durham Ontario with their mortgage financing.

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