![]() ![]() Lock your refinance rate: Work with your lender to lock your interest rate when you believe it's the lowest.Ĭomplete a home appraisal: Most lenders require a home appraisal.Ĭlose your loan: Review the closing documents and disclosures, pay any applicable closing costs, and sign. Contact the lender, or find a lender to work with in your area.Īpply for a refinance: Once you apply, your lender will provide you with initial disclosures that outline the terms of the loan. Shop refinance rates: Compare different interest rates using the custom rates tool or refinance calculator above to determine if refinancing at a current rate would accomplish your refinancing goals. ![]() Visit RBC Royal Bank to see how a home equity line of credit or loan can be a cost-effective way to finance home improvement. Credit score: A good credit score is often important in qualifying for a home equity loan. Equity is the difference between the current market value of your home and the outstanding balance on your mortgage. ![]() We can help explain your options and offer advice on the mortgage solutions that can help you reach your goals. Equity in your home: Lenders usually require a certain amount of equity in your home, typically around 15 - 20. If you’re a Canadian homeowner looking to tap into the equity you’ve built up in your home, a home equity loan may be an option worth considering. Learn the pros and cons, interest rates, terms, closing costs and tax advantages of this financing method. Call us today about ways you can access the equity in your home. Select a type of mortgage refinance: You have many refinancing options, including refreshing your rate and term (rate-and-term refinance), applying more cash toward your equity (cash-in refinance), pulling money out of your home equity (cash-out refinance), or opting for a streamline refinance to lower your monthly payments. Use this calculator to estimate how much you might be able to borrow from your home equity loan or line of credit. HELOC Calculator to calculate the monthly payment for HELOC loans. The process of refinancing will follow these typical steps: ![]()
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