If you’re sitting on a significant amount of equity in your home, refinancing is becoming an often-used method of achieving long and short-term financial and life goals.
People often consider refinancing their home when their financial situation changes. It may be that you have recently received a raise and can afford to pay more monthly and you’ll save significant interest by doing so.
Or, perhaps, you’ve changed careers resulting in a temporarily lower income. Refinancing can lighten your monthly load by lengthening the duration of your loan to reduce payments.
Mortgage rates are cheaper than carrying credit card or line of credit debt so debt consolidation is an excellent option to increase monthly cash flow, to finance renovations to your home, or to use the equity to send your kids to school or invest for retirement. It is also a good option for people who need equity to purchase another property or to invest in a financinal plan that has a higher return than what you pay in interest.
Let us do the work for you. We can take a look at your unique situation and assess whether refinancing is right for you or if there is a better strategy to employ. Perhaps your situation is beyond what we can do, we can recommend various services available to you like credit counselling or even bankruptcy.
Remember, regardless of your situation, you are not alone. We’re hear to help and provide unbiased advice that is unique to you.
If you want to move quickly, no problem! Refinancing is quick, easy and all costs can be rolled in to the new mortgage, so no out of pocket expenses.
Mortgage rates are the cheapest interest rate you're going to get on the market today! Why wouldn't you consolidate higher interest debt into your mortgage if you have some equity?