Save Money When Trying to Refinance a Mortgage in Waterloo
Any person wanting to refinance a mortgage in Waterloo will need to enlist the help of a mortgage broker. Without a mortgage broker, the odds of you getting a competitive refinance deal are slim to none.
What Impacts Your Waterloo Mortgage Refinancing Options
- The first variable that impacts your ability to refinance a mortgage in Waterloo is the current value of your property. What mortgage lenders are going to look at is the current fair market value (FMV). The broker will compare the FMV of the home to what is owed on the property. The difference between what the property is worth and what you owe is called “equity”.
- Another variable aside from the equity built up in the property is your credit score. If your credit score has taken a hit, then it will be more challenging for a mortgage broker to secure a refinancing loan. When going to get mortgage refinancing in Waterloo, you and your broker will review your credit report. It’s useful to review the report with a broker to see whether there are errors. If there are errors in your credit report, make it a priority to get those corrected ASAP. Errors in reports can be more common than you’d think, and this can really effect your ability to refinance.
- Change in income is another variable that lenders pay close attention to when trying to decide on whether to approve a loan. The lender wants to see a consistent income over a couple of years. If you have recently changed jobs or went from employed to self-employed then the lender may require more proof of income, or ask to see continuity in the line of work.
If all of this is giving you a headache, you need to reach out to a Waterloo mortgage broker. The broker can do all of the heavy lifting for you and explain everything in person so you feel confident with your choices. The Waterloo mortgage broker, has full knowledge of the current market trends. They’ll know, based on your profile, which is the best mortgage refinancing terms specific to you. Along with getting a lower mortgage rate, you may be able to take out some equity from your home which can be used to pay down some debts. There is no time like the present to refinance a mortgage in Waterloo so reach out to a broker now.