Mortgage Refinancing with Concourse Mortgage Group

As a trusted mortgage broker in Calgary, Alberta, we understand that your financial well-being is of paramount importance. You’ve worked hard to become a homeowner, and we want to ensure that you’re making the most of your investment. One powerful financial tool at your disposal is mortgage refinancing, a strategy that can help you save money, lower your interest rate, and improve your financial health.

Many people see a mortgage simply as “a payment that comes out of my account monthly”, almost like rent.  What many people don’t realize however, is that your mortgage can be a key part of your financial plan.  In this guide, we’ll explore the ins and outs of mortgage refinancing and how it can benefit you and your mortgage contract.

Understanding Mortgage Refinancing

Mortgage refinancing involves replacing your existing mortgage with a new one. This new mortgage might come with different terms, such as a lower interest rate, a different loan duration, or an updated loan structure. The primary goal is to achieve financial benefits, whether through lower monthly payments, reduced interest costs, or access to home equity.

Why Consider Mortgage Refinancing?

There are several compelling reasons to explore mortgage refinancing, and at Concourse Mortgage Group, we can help you assess whether it’s the right choice for your specific situation. Here are some common scenarios where refinancing can be advantageous:

  • Lower Interest Rate: If current mortgage rates are lower than the rate on your existing mortgage, refinancing can allow you to secure a lower interest rate, potentially saving you thousands of dollars over the life of your loan amount.
  • Reduce Monthly Payments: By refinancing to a longer-term mortgage, you can lower your monthly payments, providing immediate relief to your budget. This can be especially helpful if you’re facing financial strain or seeking to free up cash for other investments.
  • Change Loan Structure: Refinancing can allow you to switch from an adjustable-rate mortgage (ARM) or a variable rate mortgage (VRM) to a more stable fixed-rate mortgage, which can provide peace of mind and predictability in your monthly housing costs.
  • Access Home Equity: If your home has appreciated in value, you may have accrued equity. By refinancing, you can tap into this equity, allowing you to borrow against it for home improvements, debt consolidation, or other financial needs. One popular option is to utilize a HELOC (home equity line of credit). In some sense, equity in your home could be viewed as your largest tax-free savings account.
  • Consolidate Debt: If you have high-interest debts, such as credit cards or personal loans, refinancing can be a powerful way to consolidate these debts into your mortgage. Mortgage rates are typically much lower than credit card interest rates, which can save you a significant amount on interest payments.
  • Improve Your Credit Score: If your credit score has improved since you first purchased your home, you may qualify for a lower interest rate on a refinance. This can help you save money and improve your financial standing.

Working with a Mortgage Broker: The Concourse Mortgage Advantage

When considering mortgage refinancing, many homeowners turn to big banks and financial institutions. However, working with a reputable mortgage broker like Concourse Mortgage Group can offer distinct advantages. Here’s why our services are invaluable in the mortgage refinancing process:

Access to Multiple Lenders: Unlike big banks that offer limited mortgage products, we have access to a wide network of multiple lenders. This means we can shop around on your behalf, finding the best loan terms and interest rates available, tailored to your unique financial situation.

Personalized Guidance: Our experienced mortgage agents are dedicated to understanding your specific needs and goals. We provide personalized guidance, ensuring that the refinancing solution we recommend aligns with your financial objectives.

Save Time and Money: We streamline the mortgage refinancing process, saving you time and effort. By doing the legwork for you, we help you secure the most cost-effective mortgage solution.

Expertise: Our team is well-versed in the intricacies of mortgage refinancing. We can help you navigate the complexities of the process, making sure you’re informed every step of the way.

Protect Your Credit Score: Applying for a mortgage refinancing can impact your credit score. We carefully manage the application process to minimize any adverse effects on your credit.

Making Informed Decisions

Before proceeding with mortgage refinancing, it’s essential to make well-informed decisions. At Concourse Mortgage Group, we’ll guide you through the process, helping you weigh the costs and benefits, and determining if refinancing aligns with your goals. Factors to consider include:

●  Costs of Refinancing: There are fees associated with mortgage refinancing, such as legal fees, appraisal costs, and potential prepayment penalties. We’ll help you evaluate these costs and assess the pros and cons of whether the potential savings outweigh the expenses.

●  Loan Duration: Consider the impact of refinancing on your loan duration. If you’re switching from a 30-year mortgage to a 15-year mortgage, your monthly payments may increase, but you’ll pay less in interest over the life of the loan.

●  Home Equity: The amount of equity in your home can significantly impact your refinancing options. The more equity you have, the more financial flexibility you can access. The maximum refinance amount is 80% LTV (loan to value), or in simpler terms…80% the value of your home, which is typically determined by an appraisal.

●  Credit Score: A strong credit score can help you secure a lower interest rate on your refinance. We’ll help you explore ways to improve your credit if necessary.

●  Financial Goals: Your overall financial objectives play a crucial role in determining whether refinancing is the right choice. We’ll work with you to understand your goals and ensure that the refinancing solution aligns with them.

Start Your Mortgage Refinancing Journey with Concourse Mortgage Group

Are you ready to explore the financial benefits of mortgage refinancing? Contact Concourse Mortgage Group today to get started. Our team of dedicated mortgage professionals is here to assist you in making informed decisions and securing the best possible mortgage solution for your unique needs.

To find out how mortgage refinancing can help you achieve your financial goals and save money, reach out to us at or 403-300-2773.  Walk-in – come see us at 138 Mahogany Plaza SE. We’re in office from 8:30-4:30 Monday-Friday, unless out meeting clients.

We look forward to helping you unlock your financial freedom through mortgage refinancing. Refinance your mortgage today with Concourse Mortgage Group.