The process of debt-consolidation can be approached in a number of ways, and more often than not, involves several independent measures whose sum can affect measurable relief. Of these measures, one of the most direct and impactful is the option of refinancing. In Vancouver – British Columbia’s largest concentration of mortgage and refinancing inquiries – homeowners looking for actionable, lasting debt consolidation are learning that this year, more than ever: a regional mortgage broker is the most effective source for refinancing advising, planning, and implementation.
Sometimes wrongly categorized as a logistically complex financial procedure; refinancing is actually a straightforward process that begins with a fifteen-minute appraisal. With firm market knowledge and financial expertise, a lawyer can broker the necessary funding as soon as an application is cleared. What does this mean for homeowners? Employment information and paycheck information are the core data required for a refinancing process to be initiated.
Vancouver: A Growing Resource
With the recent changes in mortgage law as enacted by the CMHC and Department of Finance, the Canadian home financing industry has likewise seen changes in protocol, strategies, and the options that they can make available to homeowners.
Refinancing is being presented, more and more, as a dynamic option that can boost credit scores, relieve cash flow, or condense their mortgage for greater equity – increasing payments and shortening overall duration. Whatever the logic behind the approach; homeowners are taking a more informed stance. Savvy financial institutions have responded in kind: streamlining the refinancing process and creating inclusive packages and measured, reasonable financing. In Vancouver in particular, despite the rising incidence of young, working 20-year olds living at home: the buyer’s market is still arguably keen both for lenders and buyers. Homeowners have a distinct advantage as refinancing allows them to move laterally without drastic re-structuring; yet with tangible results.
During the initial appraisal process, goals, options, and a general overview of the process are established. The second, equally important component of an appraisal is the consideration of eligibility and how this too affects the same options. A key part of this is credit management: which – regardless of refinancing or the chosen route – is a benefit of such an appraisal. After the funding process has begun, credit adjustment, enhancement, and targeted planning are notable results of refinancing.
Whatever a homeowner’s reasons for considering refinancing; the process is clearer than ever, more accessible, and ready to yield dividends in expected and unexpected ways.