Mortgage Refinancing Saskatoon, Saskatchewan
Do you have a current mortgage and are looking to payout some debt or perhaps do some renovations?
You can refinance your mortgage to take equity of your home if you have equity in excess of 20% of the value of your home. The value of your home is the key to doing a refinance. The value of the home is typically determined by an appraisal.
- Preapproval (online at debmurdoch.com or phone application) – requires credit bureau to be pulled
- Collection of documents
- Application sent to lender (typical turn around time 24 to 48 hours)
- Receive commitment from lender
- Order of appraisal (if required)
- Signing of commitment and verification/approval of all documents
- Mortgage is instructed to the lawyer
- Signing with the lawyer
- Wait for closing date.
DOCUMENTS REQUIRED (those listed are for every deal; there are additional documents that will be required based on the application)
- Proof of income – letter of employment, current paystub, last 2 years T4s (if self employed, will need a 2 year history of your income – T1 Generals, T4s, NOAs
- Current mortgage statement
- Current property tax statement
- Current home insurance policy
Timeline – provided documents are supplied upfront, turn around time is from 3 weeks to 4 weeks.
Appraisals – sometimes homes are valued with the lenders internal system; if not then the appraisal is ordered by the broker through the system requested by the lender. Typical appraisals average around $350 if they are in the city and higher if there is travel time involved.
Feel free to give me a call to discuss. 306.222.7900
Looking forward to hearing from you.