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:
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More than 20% equity in your home.
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A credit score of at least 500–650, depending on the type of loan.
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A debt service ratio (DSR) under 50%, which ensures you can handle your monthly debts.
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Documentation like proof of income, assets, and homeowners insurance.
Costs of Refinancing
Refinancing isn’t without its costs. Some potential expenses include:
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Mortgage prepayment penalties: These can be higher if you refinance early in your mortgage term.
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Mortgage discharge fees: Expect to pay at least $300, depending on your lender and location.
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Mortgage registration fees: Around $70 for re-registering the mortgage with a new lender.
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Legal fees: Typically around $1,200 or more, depending on the complexity.
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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.