Refinancing Your Home
Can I refinance with QuestMortgage?
Yes, you can. When you refinance with QuestMortgage, you’ll receive a BetterRate ® mortgage, which is our commitment to you that you’ll get a great, low rate right from the start.
How does refinancing a mortgage work?
A mortgage refinance refers to ending your current mortgage and replacing it with a new one. When you refinance, you can gain access to the equity in your home by adding to the size of your mortgage or lengthening the amortization period of your mortgage.
What are the benefits of refinancing?
When you add more dollars to your mortgage or extend the amortization period, you are also able to choose a new term and possibly even lower your rate (if current rates are lower than your original mortgage rate). Plus, lengthening the amortization period could reduce your monthly payment and potentially improve your cash flow. Also, adding more dollars to your mortgage may allow you to consolidate other higher interest rate debt into a lower overall rate.
What are the costs of refinancing?
The cost of refinancing your mortgage depends on your prepayment penalty charge from your current lender, any registration fees, discharge fees, and legal fees. The potential benefits of refinancing—such as if your cash flow were to improve after lowering your mortgage payments—may offset these costs. Note, you may be able to add the prepayment penalty fees into the new mortgage and pay for them over the course of the mortgage, rather than all at once. Also, as you may be adding additional funds to your current mortgage, you could be required to re-register your mortgage. One way you can avoid breakage penalties is to refinance at or near the end of your current term.
Should I refinance my mortgage?
Whether you’re looking to tap into your home’s equity, or consolidate debt with a high-interest rate (such as credit cards, personal loans, etc) into a lower overall rate, refinancing could be a good option for you.
If you’re unsure whether refinancing is the right choice for you, give us a call at 1.888.909.5588 to contact our team of Mortgage Advisors. By assessing your personal situation and reviewing your options, your dedicated Mortgage Advisor will be able to guide you through the process and help you decide whether refinancing makes sense for you.
What should I prepare to refinance my mortgage with Quest Mortgage?
To refinance with QuestMortgage, you’ll only need to prepare a few things, such as: proof of income, proof of assets and liabilities, as well as the details of your current mortgage.
When is the best time to refinance a mortgage?
While you may wish to delay your refinancing until the end of your current term to avoid penalties, you can actually refinance at any time. This could be helpful if your potential savings outweigh any costs, and you may be able to add any costs into the new mortgage amount (so that you can pay for them over the term of your mortgage rather than all at once).
Disclaimer: This article is for information purposes only and should not be used or construed as advice or recommendations by CTC or its affiliates with respect to mortgages, real estate transactions or other related topics.