Rates aren’t one size fits all. The best way to get your current refinance rate is to let us estimate it based on your unique details.
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Research scenarios like taking cash out or paying your mortgage off faster – and get estimated rates and monthly payments.
Let our experts review your existing mortgage and rate, and look for opportunities to meet your goals.
Home loan interest rates are calculated using details unique to everyone. They include your loan amount, how much debt you have compared to your income and your credit profile.
Our experts use this info to find the best rate for you – and the best way to reach your home buying goals.
You could be missing out if you’re basing your next step on rates alone.
A .25% rate change roughly equals a $30 difference in your monthly payment.
Your loan amount, your credit profile, your financial picture = your rate.
You’re never stuck with a rate forever. Take your goals off hold, discover what’s possible.
Don’t see your question here? We love helping people understand how rates work and what yours could be. Just talk to us.
Here are some of the most common reasons you might consider refinancing, which is replacing the mortgage you have with a new one.
Whatever you goal, we can help you understand the costs of refinancing and whether it makes sense for you.
Refinancing the mortgage on your house means trading in your current mortgage for a new one. Usually refinancing changes your interest rate and your monthly payment. We use the new mortgage to pay off the old one.
Refinancing isn’t very different from getting a mortgage to buy a home. You’ll apply, provide documents, get an appraisal, and close on your loan. The fees and costs will be similar too. You may be able to close right from your own home.
Mortgage refinance rates are determined by multiple factors that fall into two categories.
Current refinance rates are calculated using a set of details called assumptions. They can include the following:
The closer your details are to assumptions – you have the same credit score, the same DTI, the same loan amount — the more likely it is you’ll get a similar rate. Just like rates, assumptions can change. And assumptions differ from lender to lender. So it’s a good idea to check assumptions when you’re comparing rates. To see ours, select the View Legal Disclosures link under where rate are displayed.
A mortgage rate lock keeps your interest rate from changing for a period of time. Rate locks usually last between 15 and 60 days.
Your first step is to apply online or talk to a Home Loan Expert and see what your personalized rate could be. After getting approved for a loan, we’ll help you lock your rate.
Mortgage rates can change daily, sometimes more than once a day. If you’re watching refi rates, it’s helpful to know 0.25% (a quarter of a percentage point), roughly equals a $30 change in the interest added to your mortgage payment.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s unpredictable financial landscape, many Canadian homeowners find themselves facing the challenge of securing loans
For Canadian homeowners, leveraging the equity built up in their homes can be a powerful financial tool.
Simply Approved Mortgages is committed to providing top-notch mortgage solutions and exceptional customer service. Learn more about our services and team.
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