Refinancing
Refinancing May Save You Money
There are two main reasons homeowners refinance.
To get a new product or better rate
To access the equity in their home
Getting a new product or better rate
There are times when it will be worth it to break your current mortgage for a different one. For example, if your current mortgage has an interest rate of 3% but interest rates are now as low as 2%, it may make sense to switch. We would calculate your savings and costs to ensure refinancing for a lower rate would be cost-effective and beneficial.
The reason to refinance varies on each individual and their financial goals.
As a mortgage broker, I am more than happy to sit down with you and see if refinancing your mortgage makes sense. We will review your short-term and long-term goals, the current interest rates, the penalties to break your existing mortgage and any costs incurred to see if there is money to be saved. When we have done this, I will give you my opinion on what I believe is the best option for you. When doing this, it will be in a pressure-free environment as this is your financial decision.
Accessing the equity in your home
You may want to refinance to withdraw equity from your home. This could be for a variety of reasons. You may want to pull equity from your home for the down payment of your next investment property, or to consolidate any unsecured debts, or potentially you have other large costs you’d like to roll into your mortgage. Whatever the reason may be, it is always beneficial to sit down and discuss your specific wants and needs. I will work with you to complete your mortgage analysis and we will work together to put a plan in place!
Contact me today so we can see what options there are for you!