Mortgage Refinance in Langley, BC
A mortgage refinance in Langley gives you access to your home's equity by setting up a new, larger mortgage on the same property. If you bought new in Willoughby or Walnut Grove and want to put that equity toward a second property or a renovation, we start by checking what a refinance does to your next approval, before any money moves. The lender pays us in most cases, which means the lender comparison we do for you comes at no cost.
Do I need to move my mortgage to you to tap my equity?
No, and we'll tell you if staying with your lender is cheaper. A refinance partway through your term usually comes with a penalty from your current lender. That number decides whether moving makes sense, so we ask for it in writing first. When your term ends within a few months, a refinance at your mortgage renewal in Langley can avoid the penalty, because you're switching at maturity. Once you're with us, Mortgage Monitoring sends you a free home report, powered by Ownwell, that tracks your value and equity.
Will refinancing affect my ability to qualify for a purchase?
It will change the numbers, since the larger mortgage payment counts against your income when a lender sizes your next loan. Both approvals go through the stress test at the greater of your contract rate plus 2% or 5.25%, so we work out the purchase limit before we set the refinance amount. Buying in BC also means property transfer tax, which starts at 1% on the first $200,000, so budget for it alongside the down payment. Our mortgage pre-approval in Langley puts your limit in writing before you shop in Murrayville or Fort Langley.
How much can I borrow?
Most lenders cap a refinance at 80% of your home's value, including the mortgage you have now, and mortgage insurance isn't available on a regular refinance. A home equity line of credit can cover up to 65% of the value, and anything from 65% to 80% has to be a regular mortgage you pay down. Each 1 percentage point on your rate changes the payment on a $500,000 mortgage over 30 years by about $283 to $298 a month. Get at least 2 written offers before you pick one.
Book a free Langley refinance call
Book a free call or phone 604-262-3500 with your mortgage statement and an idea of what you're buying next. We'll give you the refinance amount and your purchase limit in one plan.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
Is refinancing for $25,000 worth it?
On a small amount the penalty to break your term can outweigh what you'd save, so we'll price a refinance against a line of credit before you decide.
Should I put my car loan into the mortgage?
It lowers the payment, but you'll pay that loan over the full amortization unless you prepay, so we'd set a yearly lump sum that clears it on its old schedule.