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mikegrace782024-03-13 20:40:442024-03-19 22:34:18Fixed or Variable?Unlock the Power of Your Home
Refinance now to unlock the value of your home and achieve the goals that are important to you.
Why Refinance?
Refinancing can free up funds for a variety of purposes, save you money on interest or unlock significant borrowing flexibility.
Here’s a few of the main reasons to consider refinancing:
Home Renovations
Refinancing can unlock equity in your home to pay for significant upgrades to your home.
Whether you’re looking to upgrade your kitchen, buy new appliances or do a major makeover to your property, refinancing can help cover these costs.
Get a Better Interest Rate
At times, you can save a significant sum of interest by leaving your existing mortgage term early and refinancing into a lower cost mortgage, even when factoring in the cost of penalties, appraisal and legal fees.
Talk with our team to see if we can save you some money.
Funds for Investments
If you have an opportunity to buy into a business or simply want to top up your TFSA or RRSP contributions, refinancing can un-lock the necessary cash for you in one of the most cost effective borrowing methods possible.
Family Gifting
The real estate market is tough, and affordability for First Time Homebuyers is more challenging than ever.
Families have responded and one way to help is to contribute gifted funds for downpayment. Refinancing is one way retired parents can help give their kids a boost and contribute towards their home ownership dreams.
Debt Consolidation
Feeling a bit overwhelmed by daunting bills and finding your cash flow a bit out of sync?
Refinancing could give your finances new life by shifting those high-interest debts, like car loans and credit card balances, to a simple low cost mortgage.
Keeping Payments Manageable
Refinancing doesn’t always have to involve withdrawing additional equity from your home.
We can also refinance your existing mortgage balance by lengthening your amortization to keep your payments manageable, especially during times of elevated interest rates.
Purchasing Foreign Property
Purchasing foreign property can be difficult, especially if you need to borrow funds to do it.
Refinancing can be one of the cheapest and simplest ways to purchase foreign property without needing to apply for and borrow money in a foreign country.
Purchasing Bare Land or Remote Recreational Property
Borrowing for bare land purchases and for remote recreational properties can come with significant additional costs.
Interest rate premiums and fees can add up quickly. If you have enough equity in your existing home, refinancing can be the simplest and cheapest way to acquire these types of properties.
Quick Refinance Calculator
Use the sliders below to quickly understand how much money your can unlock from your home.
Get Started Now
We’re Looking Forward to Hearing From You!
How and When to Refinance
The friendly team at SOBO is ready to help. Get started now for some guidance on the best approach to take on your refinance.
Here’s a few of the questions we see commonly:
When is the Best Time to Refinance?
In our opinion, the best time to refinance is likely at the same time your existing mortgage matures/renews.
That being said, this is not a golden rule. Sometimes life gets in the way and you need to do things sooner. If this is the case, not to worry. Our experts can help you navigate the landscape to both achieve your goals and keep your costs as low as possible.
How Long Does it Take?
We can generally complete an entire refinance (from time of initial meeting to funds advancing) in under 3 weeks.
When Should I Start the Process?
We recommend starting or inquiring as soon as you know you’d like to do something. If you have an existing mortgage coming up for renewal, we recommend starting this process as early as possible (4 months prior) to your maturity date.
We’d need about 3 weeks to process your application, so please keep this in mind, and don’t leave things too late as this may end up costing you additional unnecessary interest.
Mortgage or a Secured Line of Credit?
Good question! We can help with both, and can chat with you about your specific situation to see what product may fit best with your goals and needs.
Relevant Link: Mortgage vs HELOC
How Much Can I Borrow?
Assuming you can income-qualify for the loan, we can access up to 80% of the value of your home with a refinance.
To figure out how much you may income qualify for, use our qualification calculator here.
What Rates are Available?
Check out our current mortgage rates here!
How Much will my Payments Be?
The answer to this question will depend on what amortization period you choose. For a rough guideline, you can use our mortgage payments calculator.
Learn More About Refinancing with Our Amazing Resources
Mortgage Calculators
Mortgage Qualifying Calculator
This calculator is a super simple quick tool to give you a basic sense of how much you could qualify for.
Enter your income, and voila… maximum mortgage amounts will appear.
Mortgage Payments Calculator
Use the easy slider to get estimated payments on a specific mortgage size.
Payments are based on current LIVE interest rates as maintained by SOBO Mortgage.
BC Closing Costs & PTT Calculator
Closing costs are among the most overlooked and poorly understood expenses in a Real Estate transaction.
Use this calculator to get a generate an accurate breakdown of your BC completion costs.
“All In One”
BC Purchase & Mortgage Calculator
BC real estate transactions do not need to be nebulous or poorly understood.
This amazing “All in One” calculator will generate an accurate synopsis of any real estate purchase you can make in BC.
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mikegrace782024-03-13 20:40:442024-03-19 22:34:18Fixed or Variable?
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mikegrace782024-03-12 22:48:382024-03-19 22:35:36How Do Bond Yields Impact Fixed Rates?
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mikegrace782024-03-12 22:34:212024-04-22 20:12:17Common Mortgage Questions
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mikegrace782024-02-26 22:20:002024-03-19 22:38:46Renewing Your Mortgage: The Basics
Live Greater Victoria Real Estate Data & Trends
LIVE Median pricing with interactive charts for detached homes and condos in Greater Victoria.
Trend lines for New Listings, Current Inventory and Sales.
Live Macro-Economic Indicators & Trends
Interactive Charts and Live data streaming the latest Macro-Economic Indicators: Bond Yields, Inflation and the Bank of Canada’s Overnight Lending Rate.
Sample Documents
Sample documents and notes on how to provide the best possible mortgage documents.