REFINANCING YOUR MORTGAGE/EQUITY ADVANTAGES
Put Your Home Equity to Work
Do you want to pay off debt, borrow money to invest, complete a home renovation or perhaps, save some money in interest over the term of your mortgage? Completing a refinance with a mortgage professional could be one of the easiest and most affordable ways to get the job done.
How Refinancing Your Mortgage May Benefit You
Whatever the reason may be for refinancing, it’s important to consider renegotiating your loan agreement with a certified mortgage broker to ensure the new product best suits your needs, now and in the future. Here are a few common reasons you may want to refinance your mortgage with one of our local mortgage agents.
To Diminish Your Debt
Our Toronto mortgage advisors understand – the struggle is real when it comes to paying down your debt, all while battling the rising cost of living. Many Canadians are feeling the pressures of mounting debt, and working with a certified mortgage advisor could be the key to getting a fresh start in your savings and wealth plan.
Free up your cash flow and get your debt (and the amount of interest you pay on it), under control by consolidating your payments into one mortgage loan. Once these debts are paid, you will only have one monthly payment at a lower interest rate than your typical credit card or unsecured loan.
Paying down debt is one of the best financial decisions you can make towards living your best life. Get started in achieving your financial goals today by connecting with one of our mortgage consultants who will help you to complete a debt consolidation plan.
To Invest in Real Estate
Completing a refinance can grant you access to funds that you may need for a down payment to purchase an investment property – way to go on building that real estate portfolio! A refinance will allow you to access up to 80% of the appraised value of your home (with most lenders) as a total mortgage balance. You can use the funds for the down payment and closing costs on the new property, and then move onto finding an incredible tenant who will help to build your wealth.
To Get the Best Rates on the Market
The mortgage industry and its rates are ever-changing, but our professionals get the best mortgage broker rates from our trusted lenders, which allows us to pass the savings down to you. Refinancing your mortgage may help to lower your monthly payments while reducing the amount of interest that you pay over the term. You can take those savings and use them as you wish – May we suggest using those savings to pay down the principle of your loan, putting them away for a rainy day, or maybe even taking that much needed beach vacation…
To Increase the Value of Your Home
When accessing equity from your home, you can use the funds as you see fit – potentially to make some upgrades, repairs or major renovations to your home. These changes will ultimately increase the value of your property, whether in Toronto or elsewhere, when the time comes to sell.
While removing equity from your home can be beneficial, you should do so with caution and the advice of a trusted and licensed mortgage broker. Our team of top mortgage agents is ready to help you to assess your unique financial situation at absolutely no cost to you.