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.
Use Home Equity to Pay Down Bills
Many homeowners struggle with great amountsof debt as credit cards, medical bills and other loans loom dauntingly, threatening to become overwhelming. The equity in your home can be a good way to save you from this predicament and consolidate all your liabilities into one loan. Equity can be explained as the difference between the market value of your home and the unpaid mortgage balance. With a help of a professional, it can save the day and get you on the right track.
Managing finances is often troublesome when you have many different liabilities each month – credit cards, tuition and medical bills, car loans etc. It’s easy to miss the payment date or accidentally pay the incorrect amount. Properly utilizing home equity is a great way to leverage debt – it allows you to pay off all your bills with one payment, leaving you with one balance and one deadline. It’s much easier to manage one bill instead of many, plus a secured home loan generally comes with a much lower interest rate.
You have a couple of options once you decide to use home equity to pay your bills – Home equity line of credit (HELOC) or Home equity loan (HEL). With HELOC, once you have been approved for and granted a line of credit, it is possible to draw funds whenever you need money, (up to a predetermined limit). It can be accessed with a credit card, checkbook or a debit card. Typically, the interest rate is adjustable and lower than many other loans and types of credit lines. This option is best when you need to make paymenys over a time period, for example buying a car or paying tuition, or when you don’t want to have the whole amount but still have access to funds as you need them.
When you decide to go with a home equity loan, you are basically getting a second mortage using your home equity. This is the way to go when you need a lump sum of money, to pay for a second home, a vacation, or do home renovations, for instance. It’s a great opportunity to consolidate debts and have a fixed monthly payment that you pay off over a pre-determined time period, all this with a lower interest rate.
Refinancing your home to reduce monthly bills and payments can be referred to as good debt, because you save money with a lower interest rate and have less hassle with managing different loans. Apply for a Toronto home equity loan through Mortgage Medics and get your finances in order.
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