Refinancing Your Street Capital Mortgage
Refinancing Your Mortgage
Life changes. And sometimes your mortgage financing needs change too. At Street Capital we recognize a house is sometimes more than a home. Sometimes it acts like an investment whose equity may have to be drawn upon to help you finance home renovations, consolidate debt, pay for your children's education, or whatever your own unique situation demands.
If you need to discuss Refinancing your existing Street Capital mortgage, contact us first! A mortgage specialist will work with you to find a solution that works best for you.
We also offer a convenient option to apply to Refinance your mortgage using our online mortgage application. After you submit your application a Street Capital mortgage specialist will contact you to discuss your application.
Mortgage Refinancing FAQs
How much money or equity am I allowed to take out of my property?
The amount depends on your own financial situation and the value of your property
When refinancing your mortgage your new mortgage amount can not exceed 80% of the value of your property.
For example, if you own a property appraised at $500,000, the maximum amount of your old mortgage plus the amount of equity being withdrawn from your property can not exceed $400,000. In this example, if the outstanding balance of your mortgage is $350,000, then the maximum amount of equity you can withdrawal is $50,000 ( $350,000 mortgage + $50,000 equity withdrawal = $400,000).
In addition to property value, the amount of equity you are eligible to withdrawal from your property may be limited by one or more other factors, such as your credit score, mortgage repayment history, income, or debt ratios.
For more information please contact a Street Capital Mortgage Specialist.
What is an appraisal?
An appraisal is a comprehensive report that describes your property
An appraisal is a comprehensive report that describes the characteristics and location of your property and is used to estimate your property's current market value. An appraiser will estimate the value of your property based on numerous characteristics including, but not limited to, location, recent sales for similar properties in the area, gross living space, and the property’s physical condition.
Will I need to get my property appraised?
Appraisals are generally required for Refinances. During the application process you will be advised of your specific appraisal requirements.
What other fees or expenses may I incur?
You may incur a prepayment penalty on your old mortgage or incur other expenses.
To break your old mortgage prepayment penalties or fees may apply. We encourage you to read the terms contained in your existing mortgage document and to contact us for more information about refinancing your existing mortgage.
In addition to prepayment fees, you may incur other expenses including, but not limited to, the cost of an appraisal and the cost of lawyer fees and disbursements required to discharge your old mortgage and register your new Refinance mortgage.