Sometimes, refinancing is your best option for a variety of reasons. Let me review your options and do the hard work for you!
Refinancing your mortgage is just like getting a new mortgage and you should take just as much care in the process. There are all sorts of reasons why clients refinance their mortgage including:
Breaking an original term if there are currently lower mortgage Rates can make sense depending on the terms of your existing mortgage contract. We can help you determine if it will make financial sense for you.
Equity take out mortgages are receiving a lot of attention. A large number of Canadians have realized that, after 15 or more years of home ownership, their mortgage balances are now very low or even paid off! This means their largest single asset may be a large amount of equity tied up in their home. While it's nice to be "equity rich", it's also nice to have flexibility with where that money is invested.
Using your home equity may be the most cost efficient way to finance home renovations, purchase that dream boat, to use leverage for investment portfolios or top up your RRSP, or to purchase that cottage for the summer weekends. An Equity Take-out could be a new mortgage or the refinancing of an existing mortgage, where your total mortgage amount increases.