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Refinancing Your Home

Why Refinance

Refinancing a mortgage refers to paying off an existing mortgage and replacing it with a new one.

Homeowners choose this strategy for a range of reasons, the most common being:

Whatever the reason, or if you are just looking to benefit from a lower mortgage rate, it can make sense to refinance your mortgage. One tip to remember is to understand your prepayment features of your current mortgage and whether this can be factored in to decrease any penalty incurred.
Combining existing mortgages
Where the combined mortgages result in a new “conventional” mortgage:

High ratio insurance is not required. As long as you qualify with your income and credit standing, I will help you achieve this quickly and conveniently.

Consolidating other debt

Most unsecured debt is priced by your bank at a higher rate than your mortgage in order to compensate them for the higher risk of loss if you default.

Breaking a closed mortgage to transfer to a new lender,

Many closed mortgages have the feature that allows the balance to be paid out with a penalty after a certain time has elapsed on the mortgage.

Renovations and home improvements

If you want to spend a significant amount of money on improving your home, you may be able to take out a lot more equity than you realize!

Accessing your properties equity

Another advantage to refinancing is accessing a property’s equity. Borrowers can access up to 80 percent of their home’s value, using the money for everything from home improvement to education costs.

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IN CANADA

What are the disadvantages of a mortgage refinance?

While refinancing a mortgage can save a large amount of money, it can also cost money.

Now what do I do?
Borrowers should ensure that refinancing makes financial sense in the long run. They can do this by using our mortgage refinance calculator. This tool will allow homeowners to estimate a prepayment charge, find out how refinancing will affect interest and determine if debt consolidation will help their finances.

Keep in mind for mortgage refinancing, there must be a minimum of 20 percent equity in the property and a maximum amortization of 25 years. The property must also be located on Canadian soil.

When you want to further pursue refinancing and for more information contact The Wilson Team or call 1-855-695-9250 to speak with a mortgage professional, who can help you decide if a mortgage refinance suits your needs or simply click on the “Apply Now” button on the right.

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