Ask a Pro: Mortgage Finances
On this episode of The Marc and Mandy Show: Expert Q & A, Pam Pikkert of Regional Mortgage Group shares advice for mortgage finances.
Q: What’s the maximum refinance amount for my home mortgage?
Pam Pikkert: A couple of years back, the government made some mortgage rules changes. The maximum amount you can get on your mortgage refinance is 80 percent of the properties value. You’ll have to have an appraisal done to make sure your value is correct, and then we can lend up to 80 percent of that value.
Q: What are the allowable uses of refinanced funds?
Pam Pikkert: A lot of people ask this question: they want to know what they can use the money for once they’ve refinanced. The most common thing we see the funds used for is, of course, debt consolidation. Sometimes it’s nicer just to have one payment rather than a whole bunch of small ones. You can also use it for another property purchase, such as a vacation home, a property for your child for university, or you can use it for your investments.
About Regional Mortgage Group:
Based out of Red Deer, Alberta, Regional Mortgage Group provides hassle-free service for clients seeking help with a new mortgage or existing one. Regional Mortgage Group deals with over 30 lenders and is affiliated with most financial institutions, including the major banks, trust companies, insurance companies, life insurance companies, private funds and even various pension funds. To learn more about getting the best rate, terms, and conditions on your new or existing mortgage, visit the Regional Mortgage Group website.
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