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What is a refinance?

To refinance, you are breaking your existing mortgage for new borrowing terms. You can get a better mortgage rate, lower monthly payments or access cash. It offers a lower cost of financing compared to other borrowing options, such as a credit card or line of credit.

What is a refinance?

To refinance, you are breaking your existing mortgage for new borrowing terms. You can get a better mortgage rate, lower monthly payments or access cash. It offers a lower cost of financing compared to other borrowing options, such as a credit card or line of credit.

Tap into your property value to get ahead

Avoid hidden fees and the high cost of borrowing. Unlock the value of your property with Perch and take control of your financial future.

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When you work with Perch, we’ll get you the lowest rate available on renewal so you can save on your mortgage.

How to refinance your mortgage

01

Sign up to Perch

02

Add your property details 

03

Start a refinance plan and a dedicated mortgage advisor will review your application to get you pre-approved

01
Know when your term ends. Your lender will send you a renewal offer before your term ends but it’s best to start considering your options a few months earlier.
02
Explore your options and assess your current financial needs/goals. You can reach out to your mortgage advisor for help if you have questions.
03
Find the perfect mortgage and submit an application!
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Oscar<i></i> <span>Lethbridge, AB</span>
Oscar Lethbridge, AB
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Had the pleasure of working with Perch for the refinancing of our home. They were responsive, knowledgeable and answered all our questions. They helped us find the best and most competitive rates even in the current market.

Refinance FAQs

Refinancing is when you pay off your existing mortgage and replace it with a new mortgage. The new refinanced mortgage may have a larger balance, with a different rate, term and/or amortization. You can opt for a shorter amortization as long as your income and affordability permits it. The maximum length your amortization can be is 30 years. 

It’s important to note that your ability to refinance will be limited to the built-up equity in your home. You can build equity by paying down your primary mortgage. The more you pay off your principal balance, the more equity you’ll have. You will also build equity if your property value increases. Lenders will typically lend up to 80% of your current property value.

There are many reasons why some people choose to refinance their mortgage. Some reasons include:   Emergencies or life expenses   Accessing equity in the home for things such as home improvements, debt consolidation and expenses such as weddings, medical bills, school tuition etc.   Lower mortgage payments   If cash flow is an issue, some consider lowering their mortgage payments to live with more financial flexibility. However, this results in paying more interest over time.   Investments   Some investors use the equity in their home to invest or to buy rental properties.

If cash flow is an issue, you may want to consider lowering your mortgage payment to live with more financial flexibility. Keep in mind that this doesn’t mean you’re saving money in the long run. You’ll end up paying more interest over time.

If your mortgage is $320,000 at 3% over a 25 year amortization period, your monthly payments would be $1,514. Let’s assume rates don’t change, and ten years have passed. Your payments would still be $1,514, even though the balance of your mortgage has dropped to $260,000. You could refinance into a 30-year amortization mortgage and your monthly mortgage payment would drop to $1,094. That’s an extra $420 in your pocket each month.

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