Mortgage Refinancing -Tap into your home equity and achieve your goals
Mortgage Refinancing is a viable option to withdraw funds from the build up of your home equity. You may use funds for a variety of purposes: home renovations, pay off debts, and join mortgages together. This way you can have all your debts managed by one single payment. Refinancing gets you the funds for investment purposes too. You can buy a rental property or invest in your children’s education. For more on mortgage refinancing
What is your purpose to refinance:
Lower your borrowing rate
Your current mortgage rate might be higher than current rates. You may have an older priced mortgage when rates were higher. Perhaps your credit was not as good as it is now. In each of these situations, you could save thousands in interest costs by refinancing at a lower rate.
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Pay off your mortgage sooner
Refinancing may help you to pay off your mortgage sooner. Decreasing any combination of amortization and a lower rate, saves you significant interest. The end result is allowing you to pay your mortgage faster.
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Consolidate Debts
Many Canadians have overextended themselves by depending on high rate credit facilities. If this is you, you may be feeling squeezed trying to keep all your payments at bay. At best you may be making only minimum interest only payments. Refinancing will allow you to merge these debts and get you back in control.
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Renovate your home
Refinancing and using your equity allows you to access funds to renovate your home. This will increase it’s value and provide you with benefits of enjoying updated features. Kitchen and bathroom renovations and an extra bedroom or addition / extension is another example.
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Cash out
Cashing out your equity is a great way to access low interest funds. You may use the funds for many purposes. You could make investments or take your dream vacation. Purchase as 2nd home or investment property, and merge your debts.
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Spousal Buyout
Have you and your spouse decide to part ways? The equity built up in your home can be split. One spouse may be bought out by the other using the equity in the home. A spousal buyout agreement is needed. Talk to us for more information on the process.
