Refinancing Your Mortgage: Everything You Need to Know
Refinance
Refinancing your mortgage can be a great way to achieve various financial goals. Whether you're aiming for a lower interest rate, planning home renovations, or consolidating debt, refinancing can help unlock the potential of your home.
Knowledge is Power
Refinancing Requirements
To qualify for refinancing, lenders typically require:
-
More than 20% equity in your home.
-
A credit score of at least 500–650, depending on the type of loan.
-
A debt service ratio (DSR) under 50%, which ensures you can handle your monthly debts.
-
Documentation like proof of income, assets, and homeowners insurance.
Costs of Refinancing
Refinancing isn’t without its costs. Some potential expenses include:
-
Mortgage prepayment penalties: These can be higher if you refinance early in your mortgage term.
-
Mortgage discharge fees: Expect to pay at least $300, depending on your lender and location.
-
Mortgage registration fees: Around $70 for re-registering the mortgage with a new lender.
-
Legal fees: Typically around $1,200 or more, depending on the complexity.
What Our Clients Are Saying About Us
How to Get Started
​If you're ready to explore refinancing options, MortgaGen offers professional support to guide you. Start by providing some basic details, and we'll help match you with a loan option that fits your needs. Check out current rates, use our calculators, and connect with an expert to find the best refinancing solution for you.