We understand that in any economic climate, it can be difficult to make the payments on a home mortgage. Between high-interest rates and an unstable economy, making mortgage payments is becoming tougher with every passing day. If you have found yourself in this situation, it might be a good time to consider refinancing. The danger in refinancing lies in ignorance. Refinancing is a complex process and without the right knowledge, it can actually put you in an unfavourable situation. We at Excel Closing Centre can make this daunting process a pleasant experience for you. Our goal is to listen to our clients and provide them with the best solution that fits their needs. Here’s what you need to know about mortgage refinancing and how you can get help.

 

What Is Mortgage Refinancing?

 

Mortgage refinancing is the process of obtaining a new mortgage in an effort to reduce monthly payments by consolidating debts, lower your interest rates, take cash out of your home for large purchases, or change mortgage companies. Others get a mortgage refinance to pay off the loan faster or switch from an adjustable-rate to a fixed-rate loan when prime rate is going up.  Most people refinance when they have equity on their home, which is the difference between the amount owed to the mortgage company and the appraised value of their home.

 

When it comes to applying for a first mortgage or refinancing your current mortgage, we at Excel Closing Centre understand the process can be stressful and confusing. This is where we come in and make sure that you understand every aspect of the process and the closing occurs smoothly. In most law firms the legal fee is based on A type lender or B type lenders. In Excel Closing Centre our legal fees aren’t based on the type of lenders that are our clients are using. 

 

In most Closing Centres or Law firms the purchase and sell files are the priority for them, however at Excel Closing Centre our priority is every file no matter the nature.