Posted: 1 Feb '18

3 Steps To Help Refinance A Mortgage To Help Your Business

Refinancing your home to help your small business is a great way to reduce your monthly payments, lower your APR, and access capital that can be used to further grow your business. But how do you go about applying for refinancing? Below are three steps to help you refinance a mortgage to benefit your business in St. Albert.

Step 1: Review Your Finances

Before applying to refinance a mortgage in St. Albert , your mortgage broker will want to have a clear picture of your income and debts. Taking some time to review your finances will give you a better idea of how much you'll need to borrow. Understanding your current financial situation ahead of time will help improve your chances of getting approved for refinancing.

Step 2: Decide What Type of Loan You Need

There are two basic types of loans available for those looking to refinance a mortgage: a mortgage and a home equity line of credit. While the application process for both types of loans is similar, borrowers need to meet certain qualifications to refinance a mortgage. We can help you determine which type of loan is best suited to your current needs and long-term business goals.

Step 3: Apply for Refinancing

Once you and your mortgage broker have reviewed your finances and chosen the right loan product for you, you'll be ready to apply for refinancing.

Depending on the bank, there is often paperwork required to obtain the approval, potentially including business finances, business leases, business licenses, ownership information, and business and personal tax returns. There are many different lender options for refinancing a mortgage, so let a mortgage broker help you find a solution. Contact us today.

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