Mortgage Refinancing Allows You To Use The Home Equity
Thinking to take out a second mortgage because you need money to renovate your home, buy a second house or pay for that week-long vacation to Bora Bora? Don’t. There might be a better option out there. Consider using the equity in our home to make these big-ticketed purchases. Being an experienced mortgage broker, I will provide step-by-step guidance through the refinancing process and ease your stress.
For those who are not sure whether refinancing is right for them, here are some benefits of refinancing your mortgage:Lower your fixed mortgage rate
The fixed mortgage rate your obtained years ago might be higher than the fixed rate today. I can help you refinance your mortgage to obtain a lower interest rate.Switch from a variable rate mortgage to a fixed rate mortgage
Maybe when you first obtained your mortgage, you weren’t sure which type of mortgage was right for you. You were tempted by the low interest rate of the adjustable rate mortgage (ARM or variable rate mortgage), but fluctuations have caused it to rise to an undesirable rate. I can help you switch from your variable rate to a more secure fixed rate mortgage and save you considerable amounts of money.Consolidate your debt
Benefit from lower interest rates and the simplicity of having all of your debt in one place, consolidating your mortgages into one could be the best mortgage solution for your needs. By doing so, you will receive a longer repayment duration and a fixed monthly interest rate.Paying off other debts or planning ahead
Do you have debts you or your children incurred from university/college tuitions? Perhaps, you’re planning for a wedding, or planning to start a family and need a large amount of money? Maybe you like the security of having a cash provision for emergency situations. Using the equity in your home can be the solution you need. Since a mortgage is a secured loan, the interest rate is much lower than an unsecured loan.
Still have mortgage questions? Not sure if now is the time to refinance your mortgage? Whether it is to lower your interest rate, change your monthly payment, or shorten your payment term, let me take a look at your current financial situation. By looking at factors such as your current mortgage, income and other debts, I will help you choose the best refinancing solution for you.
I can provide you with the lowest and most competitive mortgage refinance rates. As an knowledgeable Ottawa Mortgage Broker and Certified Mortgage Professional I can give you valuable advice about your options.