Refinancing Your Home
Homeowners choose this strategy for a range of reasons, the most common being:
Combining existing mortgages
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.
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!
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.
What are the disadvantages of a mortgage refinance?
While refinancing a mortgage can save a large amount of money, it can also cost money.
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.