A mortgage loan, or just mortgage, is used either by purchasers of real property to raise funds to buy real estate; or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property.
Refinancing and Renewals
A renewal of a mortgage is pretty straightforward. At the end of a five or ten year deal, if the loan has still not been fully paid off, you can opt to simply renew the deal and pay off the loan at the previously agreed upon rate. A Borrower has a choice of staying with the same financial institution or going with a new one that offers a more suitable mortgage.
Refinancing is different. Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms.
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt.
Occasionally one needs to have access to some equity in order to help his/her children for the down payments toward purchasing a new home, sending a child to university abroad, renovating a home, going on a long term vacation and etc.
You need funds but your bank is not willing to provide you with the required loans.
For any financing help, please don’t hesitate to contact Shoren Konstantin directly at (416) 218 – 0080. She will go through your financial portfolio and will recommend you the best and more suitable financing solutions available in the entire mortgage industry for you.