A mortgage refinance isn’t just an option to consider at the time of renewal. A mortgage refinance can be a useful solution for many things, aside from the possibility of a lower rate. Building equity is important, but staying out of high interest debt is just as important and can impact what options are available to you in the future. If you are carrying great amounts of debt, consider refinancing your mortgage to consolidate that debt into a new mortgage. If the penalty to break your existing mortgage isn’t overly significant, you sure will be thankful when you eliminate the amount of minimum payments you must make each month, not to mention your cash flow will increase allowing you the flexibility to enjoy other things or save more money. Many people consider a mortgage refinance only at the time of renewal (the end of the term of their existing mortgage), but if you play your cards right, and the existing mortgage terms allow for a switch without too much hassle, a mortgage refinance is perfect for changing your bad debt habits. Consolidating debt and lowering interest is the most popular reason for a mortgage refinance, however the reasons are endless and you may very well want money for renovations, or money for the purchase of a car. Ultimately, if the numbers work and the costs and time associated are outweighed by the benefits, make the switch! Make sure you speak to a broker like Canadian Mortgage Services before making the final decision to get the in depth details to ensure that it is a sound decision.
At Canadian Mortgage Services, we help clients who are looking for a mortgage refinance by analyzing their existing mortgage/mortgages, inquiring about their penalties and terms involved in making the switch and by making spreadsheets to illustrate the cost vs. savings involved in refinancing. We don’t simply help by only providing them with their request, because sometimes it may not make sense in the long run. To avoid letting our clients worsen their situation, we take the precautions in making sure that a mortgage refinance is the right option for them. Sometimes, a second mortgage or secured line of credit may be a better option than a mortgage refinance. If you’ve been considering a mortgage refinance, or any other options to access your equity, let Canadian Mortgage Services spend the time with you to conclude of the best and most cost efficient option for you. For all your mortgage refinance needs, or for more information, give us a call today.