{"id":792,"date":"2020-11-30T20:40:00","date_gmt":"2020-11-30T20:40:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=792"},"modified":"2023-09-26T16:05:38","modified_gmt":"2023-09-26T16:05:38","slug":"good-time-to-remortgage-a-home","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/good-time-to-remortgage-a-home\/","title":{"rendered":"Good Time to Remortgage a Home?"},"content":{"rendered":"
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Clients don\u2019t just see their realtor as the individual who\u2019ll bring a buyer to them when they\u2019re selling a home, or fast-track the process of getting them into the home they want. The professional relationship runs a lot deeper than that, and one thing that\u2019s true most of the time is that these folks will be looking to you to be an expert on the entirety of the housing market and \u2013 to a lesser extent \u2013 being in the know about smart moves related to being a homeowner.<\/p>\r\n\r\n\r\n\r\n

Even if they aren\u2019t homeowners \u2013 yet.<\/p>\r\n\r\n\r\n\r\n

Financing of a home can be a part of that. While most realtors will have a preferred partner that they can recommend to clients as a mortgage broker, there\u2019s still a lot to be said for being knowledgeable about that side of the equation on your own.<\/p>\r\n\r\n\r\n\r\n

Now it\u2019s true that part of being seen as knowledgeable is being reputable, and in large part that comes from being well established as a realtor in the area. When you\u2019re a new realtor nothing gets you to that point quicker than selling homes and bringing buyers to other realtors who are selling homes for their clients. To that end, our online real estate lead generation system here at Real Estate Leads is an excellent resource for realtors who\u2019d like that leg up on the competition. It\u2019s highly recommended.<\/p>\r\n\r\n\r\n\r\n

But back to topic here, and again in relation to the financing of homes for clients. There has been some discussion lately about whether or not now is good time for homeowners to be remortgaging their homes. Is there any truth to that, and if so, why? Let\u2019s have a look.<\/p>\r\n\r\n\r\n\r\n

Unique Opportunity<\/strong><\/h3>\r\n\r\n\r\n\r\n

It\u2019s no secret that historically low interest rates recently have prompted homebuyers to pull the trigger on home purchases like never before, but it\u2019s also presented a unique opportunity for real estate investors.<\/p>\r\n\r\n\r\n\r\n

Let\u2019s take Toronto for example. The COVID-19 pandemic has lessened demand in the condo rental market, much to the disappointment of many investors. The Bank of Canada\u2019s interest rate cuts did create historic lows designed to resuscitate the economy, and what they also did was give investors an opportunity to refinance their mortgages.<\/p>\r\n\r\n\r\n\r\n

In some cases the primary aim was to lower their monthly payments to something that was more in line with what they could afford and still maintain their base of investment funds. The situation now is that they can unlock up to 80% of the appraised value and potentially make it so that the payments are lower than their existing payments.<\/p>\r\n\r\n\r\n\r\n

No Need to Wait for Renewal Time<\/strong><\/h3>\r\n\r\n\r\n\r\n

The best time to refinance a mortgage has always been when it\u2019s due for renewal. However, with mortgage rates as low as they are it becomes a situation where refinancing before term could be worth the outstanding penalty.<\/p>\r\n\r\n\r\n\r\n

Why? Because of the significantly larger amount of equity that can be unlocked, which could then be repurposed into tax-deducible portfolio growth.<\/p>\r\n\r\n\r\n\r\n

Add to this the fact that there are going to be buying opportunities as the market changes, ones where investor buyers can take advantage and take out money for tax deductible investments. For example, say your client takes out an extra $100,000 from a refinance. On account of their property value being higher than when they bought it, they are then paying $210 per month tax deductible on interest.<\/p>\r\n\r\n\r\n\r\n

What this means is that whether it’s your primary residence or a cash flow positive income property where you don’t need the income, you can use that income to invest in more properties and reduce your income for tax purposes.<\/p>\r\n\r\n\r\n\r\n

Further, you can inform your client that the unlocked equity can also be used to consolidate other debts. It is potentially a very shrewd play that can increase the client\u2019s investment capacities down the road, and the solidity is there given how the real estate market has weathered the storm of the COVID-19 economic downturn.<\/p>\r\n\r\n\r\n\r\n

Sign up for Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads that are delivered to only one realtor \u2013 you! You\u2019ll be the exclusive recipient of these leads and they\u2019ll be for prospective clients who live in the same area of the country where you do and are working as a real estate agent. It\u2019s a dynamite way to supercharge your client prospecting efforts, and you\u2019ll almost certainly be making more of a name for yourself in the local community as a reputable real estate agent.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Clients don\u2019t just see their realtor as the individual who\u2019ll bring a buyer to them when they\u2019re selling a home, or fast-track the process of getting them into the home they want. The professional relationship runs a lot deeper than that, and one thing that\u2019s true most of the time is that these folks will […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-792","post","type-post","status-publish","format-standard","hentry","category-general-topics"],"yoast_head":"\nGood Time to Remortgage a Home? - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Good Time to Remortgage a Home? - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/good-time-to-remortgage-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good Time to Remortgage a Home? 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