If you are looking for money to
consolidate your debt or credit card balances and lower your monthly
payments, refinancing your property is a very good option for you.
The amount is based on your current property value and your current
mortgage amount. Click on the button bellow to calculate the amount
you are eligible for.
Click Here to calculate the
refinance amount
How the Refinance Calculation Works
This calculation is based on the current property value and the mortgage
amount you currently owe to your bank or financial institution.
In Ontario Canada most of the banks or private lenders lends you
money based on the equity of your property at the very low cost
(with mortgage interest rate).
What they need is to be able to secure their money with a real
property. To be able to secure the loan they will only pay you the
amount up to a certain percentage of your property value, it's
called LTV (Loan To Value).
How much I can
get if I refinance?
The amount you can have is completely depends on the
financial institution you are dealing with. They will approve you up
to some percentage point of your property value.
The amount you can easily get approved for with any financial
institutions or banks is 80% of your property
value.
For example, if you have a house worth $800,000 and your mortgage is
$400,000 then the bank will approve you for additional $240,000
mortgage. $400,000 + $240,000 = $800,000 x 80%
You can get approved for up to 95% of your property value with some
private lenders but the rate might be higher.
Any Extra Charge?
The answer is yes; in some cases the following
charges might be applied.
Appraisal fee (to appraise your current
property value)
Mortgage Cancelation Penalty; you might need to cancel
your current mortgage contract and sign up with a new one
(to
calculate the penalty click here)
Higher Mortgage Rate; If you apply for
more than 80% of your property value you might end up with
higher mortgage rate
