Traditionally, when a mortgage is refinanced all your doing is paying off your original mortgage and signing a new loan. Some of the same costs you paid from the original mortgage (settlement costs, discount points, and other fees) are paid again with the second.
VM Mortgage uses your interest rate, number of points, and other costs in order to give you lowest rate possible. Generally the total cost will run between three and six percent of the total amount of the loan. This ends up being between $3,000 and $6,000 per $100,000 loaned.

VM Mortgage may offer zero points at a higher interest rate, although your payments could be somewhat higher, this may significantly reduce your initial costs. Refinancing may be done a second or third time, especially when mortgage rates are falling steadily.

 For example, a couple in Calgary AB refinanced their house twice within a three month period. The first instance occurred in July, trimming their rate from 9.13% to 8.13%, then again in October for a final percentage rate of 7.375%. This cut their monthly bill down by $118 dollars.

 They had chosen a no cost refinancing (which VM Mortgage offers) each time. Their total expenses come to only $350. They have already made all this money back, and have now begun an emergency cash fund from the money they are not paying on their mortgage.

 When you refinance withVM Mortgage you can also receive a tax write off, when your home loan from VM Mortgage is refinanced a second time, all of the points which have not been deducted over the years of the loan are now deducted in one lump sum. If you refinanced a 30-year mortgage with us five years ago and paid $3,000 in points, you would have only written off around $500 to date.

 When VM Mortgage refinances your mortgage a second time you can now write off the remaining $2,500 all at once. Homeowners in the 28% tax bracket will save around $700. This is enough to offset most or all of the cost of refinancing with VM Mortgage