Is Mortgage Refinancing Right For You?
In many cases, mortgage refinancing can be a smart financial move for a homeowner. With the right strategy in place, you could benefit from lower monthly mortgage payments, more flexible repayment options and more.
If you are considering refinancing, our mortgage agents can help you identify the potential benefits that you could realize, and offer expert guidance to avoid avoid common pitfalls that can come with a poorly planned refinance.
When you work with Capital 360 Mortgage, our agents will negotiate on your behalf to find the best possible mortgage rates and terms and will minimize penalties to help you determine if refinancing is a sound financial strategy.
Why refinance your mortgage?
There are many reasons you may choose to refinance an existing property. Below we’ll examine a few of the key reasons why homeowners consider refinancing their mortgage:
Debt Consolidation
When household bills spiral out of control, refinancing your home can be an effective way to pay them off. Refinancing may allow you to consolidate your debt at a lower interest rate, with the convenience of a single monthly payment.
Combining two existing mortgages into one
If you’ve already refinanced a property, and already have a second mortgage, we can show you how combining them into a new first mortgage can help reduce payments, making them more manageable.
This option may be open to you, if the combined total of your existing mortgages does not exceed 80% of your property’s value.
As well, you may be responsible for any penalties or costs associated with discharging an existing mortgage.
Financing a home renovation
Refinancing is an excellent way to lower the costs of borrowing to renovate an existing property. Our mortgage agents can find you borrowing rates that are much lower than traditional loans, i.e, lines of credit or credit cards. If you’re thinking of renovating, come talk to our mortgage refinance experts.
Financing investments and investment properties
Put your equity to work! If you already own your own home, and have built up equity, you can leverage that equity to buy monetary investments, or investment properties. You may even be able to write off the interest costs against your taxable income.
Education financing
With the costs of education going up every year, refinancing your home mortgage can free up equity that can be used to pay for your children’s education. Best of all, you’ll benefit from more manageable rates and payment plans compared to traditional student loans.