What is a Mortgage Refinance?

 

Mortgage refinance is accessing equity in your home to pay any unforeseen expenses that arise.  You can access up to 80% of the appraised value of your home so have your equity work for you.

A mortgage refinance may involve a penalty because you are breaking the term of your existing mortgage.   Penalties are normally the greater of a 3-month interest penalty or the interest rate differential.  Your mortgage broker can estimate what that penalty will be but you can also contact your existing lender to obtain a more specific amount. Mortgage Refinancing allows you to renegotiate the terms of your mortgage which can be advantageous if you are currently paying a high interest rate on your existing mortgage.  Refinancing and renegotiating your existing mortgage can save you lots of  money and pay off high interest debt at the same time. 

Great Reasons for refinancing are:

       Lower Monthly Payments by incorporating other high interest debt

       Complete Renovations – Update your kitchen, replace expensive fixes – water tank, furnace, roof

       Debt Consolidation – high interest loans and credit cards

        Access Equity for Investment Purposes – purchase an investment property, invest in RRSPs and investments that will make you a good return.

        Purchasing a new home – access equity to form the down payment on your new home

        Pay for your children’s education

Refinancing can be an effective way to putting you on a path to becoming debt free. 

Get a quote today! Contact Gitta @ gschoenne@gmail.com or 250-462-4482. 

Or click on “Apply Now” to start the process to saving you money now.