Remortgaging

Remortgaging is when you replace an existing mortgage with a new mortgage without moving home in order to release capital or reduce interest payments. It might involve changing mortgage lender or opting for another product with your existing lender.

Remortgaging has historically been a popular way of reducing repayments and releasing capital as well as paying off a mortgage early and can be useful as a means of consolidating debts. Taking remortgage advice can therefore be beneficial financially.

Remember that the value of your home may have increased since you bought it and the current market value may affect the choices you have.

Can I remortgage to pay off debts?

Remortgaging can offer some relief as a debt solution for people experiencing a certain level of debt. If you have owned your property for some time, the chances are it could be worth more than your outstanding debt.

Reduced monthly payments at a better rate will mean that you have more disposable income - and this in turn could help you pay off higher rate debts such as credit cards or loans as well as releasing money for home improvements, etc.

I've got a bad credit history - will I be eligible for remortgaging?

In the current economic climate, it's reassuring to know that there's a company with experience and expertise in sourcing appropriate mortgages or remortgages for people with credit difficulties or debt issues. Therefore, it makes perfect sense for Payplan clients to seek free remortgage advice from an organisation like Who's Lending who specialise in adverse credit mortgages.

In recent months, many lenders have withdrawn from the sub prime mortgage market (mortgages for people with poor credit ratings) which has strong implications for people with debt issues seeking to remortgage. Fortunately, Who's Lending has forged strong partnerships to facilitate mortgages for people with poor credit ratings or debt issues.

Auto Insurance

Third-Party Liability Coverage:
This section of your automobile insurance policy protects you if someone else is killed or injured, or their property is damaged. It will pay for claims as a result of lawsuits against you up to the limit of your coverage, and will pay the costs of settling the claims. By law you must carry a minimum of $200,000 in Third-Party Liability coverage.
Statutory Accident Benefits Coverage:
This section of your automobile insurance policy provides you with benefits if you are injured in an automobile accident, regardless of who caused the accident including supplementary medical, rehabilitation, attendant care, caregiver, non-earner and income replacement benefits.
Direct Compensation - Property Damage (DC-PD) Coverage:

This section of your automobile insurance policy covers damage to your vehicle or its contents, and for loss of use of your vehicle or its contents, to the extent that another person was at fault for the accident. It is called direct compensation because even though someone else causes the damage, you collect directly from your own insurer, instead of the person who caused the damage.

Note: Coverage under the DC-PD section of your automobile insurance policy only applies if the following conditions are met:

• the accident took place in Ontario;
• there was at least one other vehicle involved in the accident; and
• at least one of the other vehicles is also insured by an insurance company that is licensed in Ontario or has signed a special agreement with FSCO to provide this coverage.

If these conditions are not met, then you can make a claim on your optional Collision coverage (if you have it), whether or not you are at fault. If you don't have Collision coverage, you may be able to pursue recovery from the at-fault driver to the extent you were not-at-fault for the accident.

Refinance Mortgage Rates

Choosing Viable Refinance Mortgage Rates:

Various mortgage refinancing rates should be compared to choose the best rates before you decide on a good mortgage refinancing. The list includes more than 10,000 mortgage rates offered by various mortgage lenders which become quite overwhelming. The rates offered by these lenders may change depending on your case. For example, if a lender offers the best rate with a 25% deposit, those only able to make a 10% deposit will have to pay an extra 0.2% interest.

Factors Influencing the Best Refinance Mortgage Rates:

Some of the main factors that influence the best and lowest refinance mortgage interest rates are:

• Credit score of you as well as your spouse
• Repayment frequency - regularity compared to the number of times you have defaulted
• The kind of the refinance loan and its duration
• Security that can be provided with regard to the value of the property
• Whether the property is bought as a primary residence or just as an investment
• The prevalent interest rates in the current loan market

Refinancing your home mortgage is useful if the current mortgage refinance rates are less than the ones in the original mortgage. If you need better rates on an adjustable rate mortgage, mortgage refinancing is the best option. It is viable if the present loan is 2 percentage points higher than current rates.
You must keep in mind the timeline for occupying the property when considering a good refinance mortgage rate. You can even pay a lower collected interest rate during the loan term if you shift the refinancing from a 30 year fixed rate mortgage to a shorter period loan. Alternatively, you might need to refinance your mortgage rate from the ambiguity of an adjustable rate mortgage to the known rates of a fixed rate mortgage.