There are several reasons why someone would want to refinance their mortgage. Some of the reasons are:

1. Decrease your mortgage payments
2. Get a lower interest rate
3. Do some home renovations
4. Payoff debt
6. Buy investments
7. Buying a second home or rental property.

The information that is required to refinance your home is:

1. The value of your current home.

2. Current Mortgage balance.

3. The purpose of the refinance.

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When doing a pre-approval for a refinance it is very important to provide ALL the details of your situation.

A pre-approval is great! The advantages are:

1. Get an accurate price range in which you should be buying.

2. Lock the interest rate for up to 120 days. This has been proven to be invaluable.

A pre-approval is a mix of your income,
down payment, interest rate, and credit rating
to see if you qualify for the mortgage or not.

This requires taking details such as:

- Your Name
- Your Address
- Your Date of Birth
- Social Insurance Number
- Current employer, income amount, and for how long have you been employed there.
- Down payment amount and where is it coming from.

Refinancing your property is great because we at Fair Mortgage Solutions make sure there is no “OUT OF POCKET” expense. We factor all fees and costs associated with the refinance to come out of the mortgage proceeds. Costs that are associated with a refinance can be:

1. Lawyer Fees

2. Mortgage Discharge Penalty

3. Broker Fees (depending on the situation)

4. Lender Fees (depending on the bank)