When did you obtain your first mortgage?
If it was years ago, chances are your circumstances have changed. In fact, your financial situation might be completely different from when you took out your first mortgage. Thankfully you have options; If you are considering refinancing your mortgage in Ontario, it is very
important to make a well informed decision and work with a trusted name.
Refinancing with Canadalend
provide you with a trusted team of mortgage professionals who will provide you with the assistance and knowledge you need to refinance your mortgage.
Why would you refinance your mortgage?
There are several common reasons why
homeowners choose refinancing as their financial solution:
Lower interest rates - One of
the main reasons to refinance a mortgage is the opportunity to obtain lower
mortgage rates. The primary benefit is to reduce your monthly obligations to
creditors and to increase your cash flow. The goal is to put more money in your
pockets. Even reducing your interest rate by 0.5 percent can add up to
thousands of dollars in savings over the life of your mortgage.
Consolidating debt - If you are carrying expensive
credit card debt, it might be worth considering refinancing your mortgage. By
refinancing, your new mortgage pays off your outstanding debt
and replaces it with more sustainable debt that offers less headaches.
Tapping into your home equity - Accessing the current
equity in your home is another reason to consider refinancing. If you are
facing expensive home renovations, your home's equity may be a
better option than using a high interest credit card. If you have owned your home for a while and
have built up equity, a Canadalend mortgage specialist can provide you with
refinancing options so that you have a solution that makes
Paying a mortgage off - If you are in a
situation in which you make significantly more income than you did when
you first bought your home, refinancing can be an ideal option for you. Through refinancing, you can choose a lower term to pay the mortgage off sooner.
When is it a good time to refinance?
The decision to break a current mortgage
should not be taken lightly. Regardless of the benefits of lower mortgage
rates, there are penalties associated with refinancing. It is important to take
all closing costs and fees into consideration before making the decision
to refinance. Penalties can get costly, but that does not mean that it is not
Who can help me with refinancing my mortgage?
Mortgage specialists at Canadalend will explain the process
to you to help you fully understand and decide on if it is the right time for you to refinance. Refinancing with Canadalend provides homeowners with a
trusted team of professionals who will provide financial assistance to those
living in the Mississauga, Oakville, Toronto, Vaughan, Scarborough and nearby
areas. Contact us to speak with a mortgage specialist today.