Mortgage Refinancing

What is Mortgage Refinancing?

Mortgage refinancing is the process of replacing your existing mortgage with a new one, often with different terms and a new interest rate. Homeowners refinance their mortgages for various reasons, including reducing monthly payments, shortening the loan term, converting from an adjustable-rate to a fixed-rate mortgage, or accessing home equity to fund other expenses. By refinancing, you can potentially save money, manage your debt more effectively, or achieve other financial goals.

Terms for Mortgage Refinancing

Loan Term:

How long you need to pay off your mortgage; it's usually upto 25 years.

Closing Costs:

The fees and expenses connected with finalizing the refinancing process.

Loan-to-Value Ratio (LTV):

The percentage of the loan amount is relative to the appraised value of a property.

Interest Rates:

The cost of using someone else's money, reflected as a percentage of the amount borrowed.

Equity:

The difference between your home value and what you still owe on your mortgage.

Debt-to-Income Ratio:

Your total monthly debt payments are divided by your gross monthly income.

Why Choose Us for Mortgage Refinancing

Expert Guidance

Our team of experienced mortgage specialists at AmityMortgages will walk you through the process and ensure you have a clear understanding of your options before choosing any refinancing solution.

Competitive Rates

We offer interest rates that are highly competitive, with very amicable conditions regarding loan disbursal, so that it may be made possible for you to achieve huge savings and meet your financial objectives.

Smooth Process

Our efficient refinancing process is sleek and stress-free. We maintain that from application to closing, the process is communicated and timely updates are provided to the applicant to make it completely hassle-free.

Customized Solutions

We understand that every homeowner is different, and so are their situations. That is why we provide customized refinance options according to your individual needs and goals.

Transparency

At Amity Mortgages, we make sure that you deal with transparency, which means we will provide no surprises, and clear, and straightforward information about the costs, fees, and terms so that you understand your new mortgage fully.

How We Work?

Initial Consultation

This will be the initial step, where we will discuss your current mortgage situation and what you hope to achieve by refinancing. We will investigate your financial situation and talk you through whether refinancing is the right decision for you.

Loan Evaluation

We will evaluate the loans and work to ensure the best possible terms for your new mortgage. You will be informed at each stage, and we will ensure you understand all your options.

Application

If you decide to go ahead, we will progress you through the application process, collecting any required documentation and information needed for the submission of an application.

Approval and Closing

Once you have been approved, our team will help you review the terms of your new mortgage. Our team will work you through the closing process, making sure every piece of paperwork is complete and correct.

Post-Closing Support

We don’t leave your side even after refinancing. No matter whether you have a few questions regarding the new mortgage or need some tips on planning for the future, our team is there to help you.

Frequently Asked Questions

Why should I consider refinancing my mortgage?

Common reasons include lowering your monthly payments, reducing your interest rate, shortening the loan term, switching from an adjustable-rate to a fixed-rate mortgage, or accessing home equity.

How do I know if refinancing is right for me?

Consider refinancing if you can secure a lower interest rate, improve your loan terms, or meet financial goals like consolidating debt, funding home improvements or purchase another property.

What are the costs associated with refinancing?

Refinancing typically involves closing costs such as pre-payment fee of existing lender (occasionally paid by refinancing bank), appraisal fees, loan origination fees, and other related expenses.

How can I calculate the break-even point for refinancing?

The break-even point is the time it takes for the savings from refinancing to cover the closing costs, calculated by dividing the total closing costs by the monthly savings.

What is the difference between a fixed-rate and an variable-rate mortgage?

A fixed-rate mortgage has a constant interest rate through a fixed term, while an adjustable-rate or variable rate mortgage has an interest rate that can change periodically.

What documents are needed for refinancing?

Commonly required documents include bank statements, pay stubs, business bank statements and tax returns (if self-employed), and information about your current mortgage.

What is a cash-out refinance?

A cash-out refinance allows you to take out a new mortgage for more than you owe on your existing mortgage and receive the difference in cash. The maximum cash-out amount may vary depending on the lender. You could speak with one of our mortgage advisors to discuss eligibility.

How long does the refinancing process take?

The refinancing process typically takes 30 to 45 days, but this can vary depending on the lender and your specific situation.

Is there a limit to how many times I can refinance my mortgage?

There is no set limit on the number of times you can refinance, but it's important to consider the costs and benefits each time to ensure it makes financial sense.