Page Contents
Mortgage Refinancing in Burlington Ontario
Is it time to start considering mortgage refinancing for your home? There are tons of reasons to consider mortgage refinancing. From consolidating credit cards to utilizing your equity to secure a loan, sometimes refinancing feels like the best possible option.
If you aren’t sure if mortgage refinancing is the right move, a mortgage broker a great resource to help you determine if refinancing is right for you, and also a great resource to help you find the lender that will offer you the best mortgage refinancing deal.
What are the Benefits of Mortgage Refinancing?
There are quite a few benefits to mortgage refinancing under the right circumstances. Below, we’ve outlined some of the most common reasons that people look to refinance their home and shared you with a bit about each scenario. Every mortgage and every person who is looking for one is unique, so if you’d like to discuss your mortgage refinancing situation with Peter, feel free to reach out or if you’re ready to look for lenders, you can fill out our online mortgage application.
Saving Money by Refinancing
If you monthly payment and interest rates are higher than you’d like or if you haven’t refinanced your mortgage in the last 10 years, you might be able to save quite a bit and pay off some of your principal faster by refinancing your home. Mortgage rates change overtime, so if you are paying a high interest rate, you might consider mortgage refinancing as an option to bring your mortgage up to date and a save a significant amount in the process.
Evolving Your Mortgage
Maybe when you get your mortgage you had a hard time getting approved. It could have been because you had less than ideal credit, maybe you were self employed or earning less – whatever the reason – if your circumstances have changed and you feel like you would qualify for a much better mortgage offer, a mortgage broker can help you to find a lender and mortgage that is more in line with your current circumstance, which can save you money and help you to pay off your mortgage faster.
Using Home Equity
Another benefit of mortgage refinancing is being able to use some of the equity that’s already in your home. Maybe you need to pay off some high-interest debt, or maybe you want to fund some home renovations. Maybe you want to pay for college or invest in a new business. Whatever the reason that you want to access additional funds, mortgage refinancing is a great way to refresh your mortgage and also access some of your home equity at the same time.
When Shouldn’t You Consider Refinancing?
If you’re locked into your mortgage, it might not a great time to consider refinancing. In that case, it depends on a few factors, most of them involving the penalties and fees that you will pay to get out of your current mortgage. If they add up to less than what you’re going to save in the end, then refinancing your home might be the right decision, but if the fees are high, sometimes it’s just better to wait.
Another time that you shouldn’t consider mortgage refinancing is if you have less than a year to pay off your mortgage. Refinancing will extend your mortgage time and wouldn’t be the best solution for what you need.
In short, every mortgage is different, as is every person considering one. The best way to find a solution that fits you and find the best possible deal is to speak to a mortgage broker. They are here to help you navigate lenders and options and find the perfect fit for your life.
Peter Motem is a licensed mortgage broker in Georgetown, Ontario who has been serving clients for over 12 years. If you’d like more information about mortgage refinancing, reach out to Peter to talk for free. You can also access our mortgage refinancing calculator here. If you’re ready to take the plunge, you can fill out our mortgage application online.
Leave A Comment