Taking Advantage of Mortgage Refinancing To Save Money
Mortgage Refinancing – Saving You Money
Refinancing a mortgage on a home is a great choice for many homeowners who are looking to save some money on interest payments. Given the record low interest rates these days that the banks and other lenders are offering on home mortgages, it might make sense to refinance your mortgage to take advantage of these lower rates. This is particularly true for those who initially locked in at a very higher rate when they first obtained their mortgage.
A mortgage refinancing is also an ideal choice for those who may have started off with a bad credit, but have worked their way to improved credit scores. When obtaining a mortgage with a poor credit score, often lenders may charge a higher interest rate as the risk tends to be higher for borrowers with a bad credit history.
As borrowers build up their credit by paying down their mortgage in full and on time every month, the credit score gradually improves. If a borrower’s credit has significantly improved form the first time they obtained a mortgage, preferred rates may be qualified for.
Pay Off Outstanding Debt
Many homeowners who choose a mortgage refinancing Oakville Burlington may do so in order to pay off other outstanding debt, such as student loans, car loans, and credit card debt. The interest rates offered on home mortgages are most often much lower than on other loans. For this reason, freeing up some capital from equity built up in the home to pay off all this other outstanding debt may be a good way to reduce the interest you pay each month.
Refinancing larger mortgage amounts at much lower interest rates is often a much better option than having a lower mortgage amount at a higher interest rate, as well as various other outstanding loans being charged at even higher interest rates.
Too see if you qualify for mortgage refinancing, give a professional and seasoned expert in the field of mortgages, like independent mortgage agent Lee Anne Taylor, who has helped many families refinance their home mortgages and save thousands of dollars in interest payments. She can go through all of your options with you : refinance, second mortgage, line of credit or home equity loan. Give her a call today at (905) 336-8948 and save!
Basics of Refinancing Your Mortgage
Many homeowners have considered refinancing their mortgage on their homes, considering the current record low interest rates on mortgages. Now is as good a time as ever to refinance your mortgage, and many Canadians who qualify are taking advantage of this option. Those who currently have a mortgage on their home may have different reasons for opting for a mortgage refinance Oakville or other cities in Ontario.
Why Refinance?
Using the equity built up in your home can be very advantageous for many homeowners. In essence, your home can be a great source of extra funds, borrowed at low interest rates. Using the equity in your home as capital can be used to make payments on other high interest loans, debt or other expenses that are charged at much higher interest rates. The following are some reasons why homeowners may choose to refinance their homes:
– Topping up RRSP’s
– Paying off student debt or paying for education
– Paying off high-interest credit card debt
– Funding a large home renovation
– Purchasing investment property
– Build up home equity faster
Whatever reason you may have for freeing up some capital from the equity in your home, a mortgage refinance Oakville, Ontario can be a great benefit to your financial plans.
Free Your Capital and Your Financial Woes
Personal finances can be a source of great stress for many Canadians. For many, it feels as though their finances are like a revolving door, where money goes out just as fast as it came in. For many, getting ahead just seems impossible. By taking advantage of a refinancing program, those who have built up a certain amount of equity in their home and qualify for such a program can get the financial relief they need to pay off any outstanding debt, or fund a large expense.
If you are considering a mortgage refinance, look to expert independent mortgage agents to help you in your quest for financial freedom. The professional team at www.YourMortgageOptions.ca have the expertise and connections necessary to get you the mortgage refinance package you need. Call awarding winning mortgage agent Claire Drage today at 905-330-9488 to help you use your home equity to help pay off your debt faster.
Consider a Mortgage Refinance in Ontario
The process of refinancing your home involves setting up a completely new mortgage which pays off the original mortgage, plus any liens and other legal claims against the home. You may also refinance if you were locked in at a high rate and would save money breaking your old agreement and taking a new mortgage. There are a variety of other reasons why you might want refinance a mortgage on your property, depending on your situation and current market rates. A professional mortgage agent from MortgageMedics.ca will be able to assist you in this decision-making process, as well as help you through the refinancing process.
Why You Might Consider Refinancing Your Home
Refinancing your mortgage might be considered for a number of reasons. At this time, interest rates are extremely low. For this reason, many Canadians are considering mortgage refinancing in hopes of saving thousands of dollars in interest over the life of their mortgage. Rather than staying locked in at a much higher interest rate, you can refinance your mortgage to take advantage of the much lower interest rate, and therefore save money in the process.
You may also consider a mortgage refinance Oakville Toronto, or other Ontario city, in order to use equity in your home to finance a large expense, such as a home renovation project, education tuition fees, vacation plans or the purchase of a new vehicle. If you have enough equity built into your home, you may qualify for mortgage refinancing to pull this equity out to pay for some of life’s big expenses.
If you have many outstanding bills and debts that are subject to high interest rates, you may consider refinancing your home to use your home’s equity to consolidate all your outstanding debt into one monthly payment at a much lower rate. Doing so will both make managing and paying these multiple bills much easier, and will help save you thousands of dollars in lower interest payments.
When you are considering refinancing your mortgage, the professionals at www.MortgageMedics.ca will help arrange the process of refinancing, and will put you in touch with a lender that will offer you the perfect mortgage package for you. They can discuss your options including refinancing, getting a home equity loan or a secured line of credit. Give their team a call today at (905)-847-6611 and let an independent, knowledgeable mortgage agent help you through the entire refinancing process.
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