If you are looking to take equity out of your home or save money on interest payments, refinancing your mortgage could be the right option for you.
Reasons To Refinance
Access Home Equity
The equity in your home is the value of your home minus your mortgage. By increasing your mortgage, this is called refinancing. You are able to utilize these funds for:
- Post secondary education
- Debt consolidation
- Home renovations
- Investment properties
- And much more!
Lower Your Mortgage Rate
Choosing to refinance your current mortgage term early allows you the ability to obtain a new mortgage with a lower interest rate. You may have to pay some fees and penalties for breaking your current mortgage contract, however, the long-term savings you’ll realize with a lower rate may very well outweigh the initial cost.
Consolidate Debt
By combining personal debts into one low-rate mortgage, you can access lower interest rates and make one reduced payment per month.
By consolidating your debt, you will:
- Lower your monthly payments
- Lower your interest rate
- Improve your credit score
