Canadians today face so many reasons why they should consider refinancing their mortgage. For example, you may have been working hard at improving your credit score and so now you qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate mortgage.
Some Reasons to
Refinance Your Mortgage
Pull out equity for consolidating debt
Unexpected Life Expenses
… and many more!
Refinancing Your Mortgage & What it Means
Refinancing is the process where you get a new mortgage and change the terms of the one you have on the home you have now (not a new one). This means through the refinancing process, your first loan is (technically) paid off and your second loan replaces it.
Benefits When You Refinance Your Mortgage
Get a Lower Interest Rate
With interest rates this low, chances are the mortgage rate will have dropped since you first received your loan. This will allow you to lower your monthly mortgage payments, even if there’s only a slight reduction in the interest rates.
Consolidate Your Debt
When you refinance your existing mortgage and take out the difference in cash, you can pay off high-interest credit card debt. However, you will need at least 20% equity in your home in order to cash out a refinance mortgage.
Change Your Mortgage
Sometimes your needs may change, and that’s okay! For instance, whether you decide to pay off your mortgage faster or you want to switch your mortgage type from a variable rate to a fixed rate, refinancing is a good decision.
How does it work?
Refinancing is just like when you applied for your original mortgage. You’ll need to shop around and apply for a loan. We have access to over 50 lenders, and we negotiate with them to get you the best mortgage.
If you’re ready to get started, contact us and we’ll help you get a mortgage you won’t regret.