Do you need extra money for a special occasion or unexpected expense? Would you like to eliminate higher interest bills? Now you can tap into the equity you’ve built in your home with our mortgage refinancing options.
For many homeowners, it’s a great way to lower your current monthly payments and get rid of high-interest debt. Plus, with Wells Fargo Financial, you can choose the mortgage solution that fits your lifestyle and budget.
We offer two unique refinancing products that you can use to meet your goals:
Basic Feature |
Adjustable-Rate Mortgage |
Term Mortgage |
| Length of Loan |
Seven to 40 year terms |
Three and five year terms |
| Payment Calculation |
Payment is calculated on the initial balance with an amortization ranging from seven to 40 years. No outstanding balance is due at the end of the term. |
Payment is calculated on the initial balance with an amortization ranging from five to 40 years. The outstanding balance is due at the end of the term. |
| Interest Rate |
The interest rate and payments are adjustable, however they are locked for the first three years. |
The interest rate and payments are fixed for the term of your loan. Interest rates may vary with loan renewals. |
| Monthly Payments |
Lower initial monthly payments with the potential to increase or decrease after the first three years.
|
Fixed, scheduled payments over the term of your loan. |
| Renewal Options |
No renewal required. By making all scheduled monthly payments, the balance will be zero at the end of the term. |
Application to renew or payoff of outstanding balance is required at the end of the term. |
| Prepayment Penalty |
A prepayment penalty may apply. |
A prepayment penalty may apply. |
Adjustable-Rate Mortgage
We are proud to be one of the first lenders in Canada to offer an Adjustable-Rate Mortgage (ARM) with terms up to 40 years. This means constant renewing or refinancing is not required!
With an ARM, you can take advantage of:
- a lower interest rate
- lower initial monthly payments
- no renewal period
The interest rate and payments are adjustable however they remain the same for the first three years. After the third year of the loan, the interest rate and payments could adjust every three months based on market conditions. See frequently asked questions about our Adjustable-Rate Mortgage.
Term Mortgage
A Term Mortgage is a short-term loan that offers a consistent payment plan for a set period of time. Once the term is reached, one large payment is required for the remaining principal balance. At that time, you can pay off the balance, apply to renew your loan or select another mortgage product.
A Term Mortgage can be an excellent option if you want secure payments over the life of your loan. See frequently asked questions about our Term Mortgage.
|
