Many people don’t realize they can use the equity in their homes to finance large purchases, renovations or consolidate debt. Instead of taking out a personal loan or using a credit card, refinancing your existing mortgage may be an option as long as equity is available in your home. The benefit of going this route is the better rate (vs. loan or credit card) and the convenience of one simple payment. You would go through the same steps as with the first mortgage such as completing a new application and possibly a new property appraisal. As well, you will have to use a lawyer to satisfy the legal requirements of registering a new mortgage.
The process of transferring your mortgage to PARAMA from another financial intuition is easy! All we need is a statement of your current mortgage, an appraisal of your property and a completed application. Compare your current mortgage rate to our mortgage rates and consider transferring your mortgage to PARAMA. Consider the many benefits of belonging to a Credit Union such as our great services, many of which are fee-free, and potential rebates from our profit sharing program.