Now is a great time to refinance mortgage with interest rates at their lowest. Many Canadians are taking advantage of record low interest rates and applying for mortgage refinancing. For some it is a matter of being able to keep on track with their financial goals and of course save thousands of dollars in unnecessary interest payments. For others it’s a way of financing a luxury item such as a new boat, cottage or even a world cruise. Maybe you just feel like your finances are just a constant revolving door – money in your wallet one minute and gone the next! If you feel like you are just never getting ahead and are losing sleep, then a refinance could be the relief you need.
By using the equity in your home, refinancing your existing mortgage can be very advantageous and turns your home into a affordable source of extra financing. Here are some examples:
- To reduce your monthly payments. Consolidate high interest credit cards and other loans into ONE lower rate, monthly mortgage payment. Mortgage refinancing will help you save money, increase your monthly cash flow and eliminate the stress of making multiple loan payments
- To purchase an investment property using existing equity in your current home
- To top-up your RRSP investments and at the same time receive an income tax credit!
- To lower your existing mortgage interest rate. By reviewing your current credit rating and debts, there might be an opportunity for you to take advantage of your credit score improvements to refinance an existing high interest mortgage.
- To buy a big ticket item at a lower interest rate that more traditional financing e.g. auto financing, or personal loans etc.
- To help pay for your child’s college or university tuition
- To help finance the care of an elderly family member or cover medical expenses
- To build your home equity faster. If a recent change in your financial situation has made it possible for you increase your monthly payments, you might want to refinance your mortgage with a shorter term. The higher payments will enable you to pay off your home more quickly and to save substantially on long-term interest charges.
Home Equity Loan Canada
Taking a look at refinancing could lead to financial independence sooner that you think. Together we can review your current financial situation and provide you with some options including a monthly budget. You may be able to quallify for a home equity loan and borrow as much as 80% of the value of your home and reduce your monthly payments by half with just one low payment. If you want to get ahead, then a refinance or debt consolidation could be the answer.
The following is an example of how you are able to save each month by refinancing and using your equity in your home to lower your monthly payment and increase your cash flow in Ontario, Canada. The Existing Mortgage Interest Rate is higher then todays interest rates but still illustrates the advantages of refinancing:
As an expert in this type of Refinance of Your Ontario Mortgage, I can answer all your questions and provide you with recommendations for great contractors. You can contact me at 519-760-4391 or firstname.lastname@example.org