Refinancing Your Existing Mortgage

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2 Refinancing Your Existing Mortgage Your home is your largest single asset and it can be a powerful financial tool. As you build up your equity over time, you will have access to a variety of borrowing options to meet your financial needs.

3 Reasons for Refinancing Canadians typically refinance their property for 3 reasons: 1) Save money on their existing mortgage 2) Consolidate high interest rate debt 3) Access funds for home renovations, investments, children s education, purchase additional properties, or business expenses ***If it s for investments, business expense or a rental property purchase, make sure you talk to an accountant to see if the interest charged is tax deductible***

4 When is the Best Time to Refinance? When mortgage rates are low If there is a savings to be had If you need to access the equity in your home When your mortgage is up for renewal

5 What is Equity? It s the difference between the market value of your home and the total amount of mortgages registered against it. As per government rules, consumers are only allowed to refinance to a maximum of 80% of the value of the property. The equity can fluctuate based on the current market value of the home, so if your home has increased in value, you may have more home equity than you expect If you home has decreased in value, your home equity will be lower.

6 Refinancing For A Better Interest Rate What to consider: How long you do plan to be in your home? If its 5 years or longer it may make sense to refinance to save on overall interest costs and be able to pay down your mortgage sooner. Prepayment penalties Lenders charge a penalty if you pay your mortgage off early. The amount varies, but it is normally 3 months interest or the Interest Rate Differential (the spread between your current rate and the rate left for the remaining time on the mortgage term.) If you can refinance on your maturity date there is no penalty

7 The costs of the new mortgage: Whenever you take out a new mortgage there are a number of costs - appraisal fees, prepayment penalties, and legal costs. You need to know the costs upfront. Some of these costs may be partially covered by the lender. Calculating the break-even point: What are your monthly savings over the mortgage term? What will be your total interest savings over the length of the term? What will your mortgage balance be on maturity?

8 Refinancing to Consolidate Debt Refinancing your debts into your mortgage is not a strategy suitable for everyone and depends on your personal situation. Consider the following: How much money is going out monthly to pay down your debts? How long will it take to pay off your consumer debt, based on the interest rates charged? Consolidation loans over $25K, are not likely to be done without security (usually a car) and the rates fluctuate between 8% to 14%. Could you re-apply your monthly savings back onto your mortgage by increasing your mortgage payment?

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10 In this scenario: All debts are paid out Monthly savings of $937 or $11,244 per year Apply a portion of your monthly savings to your mortgage, by increasing your mortgage payment or making lump sum payments to the your mortgage principal. This will reduce your overall mortgage interest costs and pay down your mortgage quicker!

11 Refinancing Products There are different products available for your refinancing needs. Fixed rate mortgage Variable rate mortgage (qualified on higher rate) Home Equity Line of Credit (qualified on higher rate) Or A combination of the above, to keep your finances separated based on your borrowing situation.

12 What do you need to refinance? Confirmation of stable employment / income Good credit history Property evaluation (appraisal) Current mortgage statement Copy of house insurance Strata properties require more information

13 Employment Minimum 3 years of stable employment / income Lenders confirm this thru job letters, recent paystubs and sometimes Revenue Canada Notice of Assessments (if OT/Bonus income is included) Most lenders will call the job letter to confirm details of employment

14 Appraisal Lenders may require an appraisal to confirm property value An appraisal can cost approximately $250 - $300.

15 Home/Fire insurance Copy of Fire insurance Lenders require house and fire insurance on a detached single family home, with loss payable to the lending institution.

16 Legal Fees Legal fees generally range between $750 - $850 to convey title and register a mortgage (these figures include fees, disbursements, GST and PST). Title insurance may be required, which may cost between $150-$250, depending on the property. Some lenders may offer reduced legal fee packages.

17 If you would like our full 2014 Homebuyers Guide,

18 Q&A Thank you for your time. We look forward to being of service to you.

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