Mortgage Refinance in Nanaimo, BC
A mortgage refinance in Nanaimo replaces your current mortgage with a new one, usually larger, so you can pull out equity, combine debts or change your term. If you fixed up an older house in Departure Bay or Chase River and still carry the renovation balance or a car loan, a refinance can fold them into one payment. We compare lenders and run the full cost with your numbers, and in most cases the lender pays us, so our help costs you nothing.
Will rolling my debt into my mortgage save me money?
It can lower what you pay each month, because mortgage rates are usually well below credit card rates. The cost is time, since a 4-year car loan gets spread across your whole amortization. On a $500,000 mortgage over 30 years, each 1 percentage point on your rate changes the monthly payment by about $283 to $298, so the rate you get on the refinance matters as much as the debt you clear. We lay out the monthly and lifetime totals side by side before you sign anything.
How much equity can I take out?
Most lenders cap a refinance at 80% of your home's value, and mortgage insurance isn't available for a regular refinance. Your limit is roughly 80% of the appraised value minus your current balance, before fees. Character homes in the Old City Quarter can take longer to appraise, so we book the appraisal as soon as you apply.
With a line of credit, do I only pay the interest?
On most home equity lines of credit the minimum payment is interest only, so nothing comes off the principal unless you pay more. The line of credit part tops out at 65% of your home's value, and any borrowing from 65% up to 80% has to be a regular mortgage that you pay down. If you choose a line, we'll suggest a fixed monthly amount that clears it on a timeline you pick.
Book your free Nanaimo refinance call
Book a free call or phone 604-262-3500, and bring your mortgage statement and a list of the balances you'd like to clear.
Flow Mortgage Co. arranges mortgages through BRX Mortgage Inc., licensed with the BC Financial Services Authority.
Frequently asked questions
What happens to my line of credit if I sell and move?
It's paid out from the sale at closing along with the mortgage. If you're selling in Nanaimo and buying again, our Nanaimo bridge financing page explains how to use your equity before the sale closes.
Will refinancing affect qualifying for my next home?
Yes, the new payment counts in your debt ratios, so if a purchase is coming, get a Nanaimo mortgage pre-approval with the refinance built in.
Will I know what my home is worth after the refinance?
We send you a free yearly equity report through our Annual Equity Analysis, so you can see your equity grow as you pay the mortgage down.