Thinking About Refinancing Your Mortgage?
Debt Weighing You Down?
Mortgage Payment Too High?
Needing $$ For Investments?
If you're looking to lower your mortgage payment, consolidate debt or fund other goals, refinancing may be right for you.
Let's see if Refinancing your existing mortgage is the best option for you
What Is A Mortgage Refinance?
Refinancing is when you replace your existing mortgage with one or more of the following: mortgage amount, rate, term or amortization period.
Most people refinance their property to free up cash for large purchase, renovations or to consolidate debt into one manageable payment with a lower interest rate.
Reasons To Refinance Your Mortgage
A mortgage refinance can add important breathing room to your budget. For example, refinancing your current mortgage with a longer repayment period may lower your monthly payment and improve your monthly cash flow.
If your goal is to pay down everything else you owe, using a mortgage refinance can also help consolidate your debt. Instead of having to cover a mortgage, vehicle payment, credit card bills and more, you can use the refinance to add the balance of your other debt to your mortgage and consolidate those payments into one mortgage payment.
With only one debt to take care of, you can dedicate any extra money you save through refinancing to meeting your financial goals, such as contributing to your RRSP, other investing or starting an emergency fund.
Costs To Refinance
It's important to consider all associated fees with refinancing your mortgage, so you're confident you're making the right financial decision.
Some of the fees could include:
* appraisal costs
* legal fees
* possible prepayment charges
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Mortgage Refinance Steps
Understand why you want to refinance
Figure out your timing (is it best to do it now or wait until renewal)
Determine what you want to replace your current mortgage with
Connect with a mortgage broker to go over all your options
Proceed with the mortgage application process
Ready to see if refinancing is right for you?
Book a No Obligation Call To See.
