What is a Mortgage Refinance? A 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.
Refinancing your Mortgage
Transitioning into the realm of mortgage refinancing involves securing funds for the simultaneous settlement of multiple debts. This strategic financial maneuver is specifically designed to streamline your various financial obligations, providing you with a more manageable and structured repayment plan. In this intricate process, Gitta, your trusted mortgage broker, plays a critical role in guiding you through the complexities of mortgage refinancing. With expertise and dedication, Gitta actively works to obtain a refinanced mortgage from a lender, ensuring coverage not only for your outstanding debts but potentially surpassing them.
Debt Consolidation or Withdraw Equity for Investments
A Mortgage Refinance can involve consolidating debt into a single, refinanced loan or withdrawing equity for investment purposes, including assistance with a down payment for a new property.
Reduce your payments – Save Interest
This process will transform your financial landscape into a more navigable terrain. Instead of grappling with the stress of managing various debts, you now have the ease and convenience of a singular payment. This plan offers you the opportunity for a clearer path towards resolving your debts.
In the realm of debt consolidation through Mortgage Refinance, your mortgage broker’s expertise acts as a guiding force. The broker serves as the intermediary between you and the lender, negotiating terms that align with your unique circumstances. This personalized approach ensures that the refinanced mortgage not only meets your specific needs but also sets you on the path to achieving your financial goals.
If you find yourself with multiple debts and seek a streamlined solution, consider reaching out to Gitta today. Explore the possibilities of Mortgage Refinance.� Take the first step toward financial freedom.� Contact Gitta now.� She is dedicated to helping you achieve your Mortgage Refinance goals. �Apply Now