Transform Your Finances with Expert Mortgage Refinancing in Mississauga

Lower Your Monthly Payments, Gain Stability, Optimize Your Mortgage Terms Effortlessly

Equity is a powerful thing. Many individuals will refinance their home to send their kids to school, do that big renovation, consolidate debt or go on that trip of a lifetime. Big expenditures can take a toll on cash flow but by refinancing, you can leverage your equity and not be cash poor. Understanding refinancing options and the costs associated with it is key. Centum One Financial is here to walk you through every step of the process.

PAY OFF YOUR MORTGAGE FASTER

Using your mortgage prepayment options can drastically reduce the total amount you spend on your mortgage and shorten the time it takes to pay it down. Even paying a little more each month can make a huge difference.

Anytime you increase your payments, the excess that you pay per payment goes directly into the principal portion of your mortgage. This is a great way to drastically reduce the interest you will have to pay over the term of your mortgage.

Typical prepayments allow you to add between 10% to 20% of your payment amount to each payment, depending on your lender. Let’s say you just paid off a loan and now have those additional funds available each month.

Here’s an example of prepayments being used on a typical mortgage:

All calculations are based on a $400,000 mortgage with a 5 year term and 25 year amortization at a rate of 2.59% with monthly payments.

No Prepayments:

Monthly payments: $1,809.84

Principal paid over 5-year term: $60,836.51

Interest paid over 5-year term: $47,753.89

Mortgage amount remaining: $339,163.49

Years remaining on mortgage after 5 years: 20 Years.

Adding a 15% Prepayment:

Monthly payments: $2,081.32

Principal paid over 5-year term: $78,201.00

Interest paid over 5-year term: $46,678.20

Mortgage amount remaining: $321,799.00

Years remaining on mortgage after 5 years: 15 years & 9 months.

As you can see, the mortgage was reduced by $17,364.49 and saved $1,075.69 in interest! The mortgage term was reduced by 4 years and 3 months in only 5 years! All for an additional $271 per month.

Making a large payment can be a great option for paying down your mortgage. Whether it’s a Christmas Bonus, an inheritance or maybe even pulling an amount from an investment, lump sum payments help you reduce the amount of interest you will be required to pay on your mortgage.

If you decide that prepayments are for you, you can achieve mortgage freedom sooner than ever!

Choosing Centum One Financial Group Inc. for your mortgage refinancing in Mississauga offers numerous benefits

Our mortgage refinancing in Mississauga provides you with competitive interest rates that can significantly reduce your monthly payments, making your financial management more comfortable and sustainable.
We offer personalized Mortgage Refinancing Services designed to align with your specific financial goals, whether it's paying off your mortgage sooner or consolidating debts.
Our experienced advisors for Mortgage Refinancing Services ensure a streamlined, hassle-free process for mortgage refinancing in Mississauga, providing expert guidance every step of the way.
With flexible terms and transparent conditions, we make refinancing straightforward and beneficial.

Addressing client needs

At Centum One Financial Group Inc., we understand that each client in Mississauga has unique financial needs and concerns, which is why our mortgage refinancing in Mississauga is specifically designed to be flexible and responsive. For homeowners struggling with high monthly payments, our refinancing options can reduce these payments through lower interest rates or extended loan terms, easing financial strain. For those facing changing life circumstances, such as an increase in family size or upcoming large expenses, we offer refinancing solutions that can free up cash by tapping into home equity.

Additionally, clients concerned about fluctuating interest rates benefit from our ability to switch them from an adjustable-rate mortgage to a fixed-rate mortgage, providing predictability and peace of mind. Our team of experts for Mortgage Refinancing Services is also well-equipped to handle the refinancing quickly and efficiently, minimizing paperwork and simplifying the process. This thorough, client-focused approach to mortgage refinancing in Mississauga ensures that each homeowner’s financial stability and goals are met with precision and care.

What are the main benefits of refinancing my mortgage?

Refinancing your mortgage can provide several financial benefits, including the ability to lower your monthly payments, reduce your interest rate, switch between adjustable-rate and fixed-rate mortgages, or access home equity for large expenses like home renovations or tuition fees. It can also help in debt consolidation, allowing you to combine high-interest debts into one manageable payment at a lower interest rate.

How does Mortgage Refinancing Services affect my credit score?

Initially, Mortgage Refinancing Services might slightly lower your credit score due to the credit check involved in the application process. However, this is typically a minor impact and can be quickly recovered as you make consistent, timely payments on your new mortgage. Consistently lower debt levels and fewer monthly obligations can also positively influence your credit score over time.

Can I refinance my mortgage with bad credit?

Yes, it is possible to refinance with less-than-perfect credit. At Centum One Financial Group Inc., we have solutions that cater to homeowners with various credit profiles. However, the terms might vary, and you may receive higher interest rates. We recommend speaking with one of our financial advisors, who can provide personalized advice and explore the best options for improving your terms as your credit improves.

How long does the refinancing process take?

The time frame for refinancing a mortgage can vary based on several factors, including the complexity of your financial situation and the type of loan you're applying for. Typically, the process can take anywhere from 30 to 45 days. At Centum One Financial Group Inc., we strive to make the process as swift and smooth as possible, ensuring that all your paperwork is in order and that we provide clear, consistent communication every step of the way.

We offer Mortgage Refinancing Services to clients across Bradford, Thornhill, Barrie, Orillia, New Tecumseth, Richmond Hill, Newmarket, Ajax, Uxbridge, Mississauga, Aurora, Vaughan, Whitchurch-Stouffville, Georgina, Markham, Pickering, Toronto, and the Greater Toronto Area (GTA).

Contact Centum One Financial Group Inc. - Mortgage Broker in Newmarket, ON

Connect with Our Experts for Personalized Mortgage Refinancing Advice

Reach out to discuss your mortgage refinancing in Mississauga with Centum One Financial Group Inc. Our experts for Mortgage Refinancing Services specialize in crafting refinancing solutions that optimize your financial health and cater to your unique circumstances. Let us guide you through the process and help you achieve your financial goals.

Apply Now