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 What does “Refinancing a Mortgage” mean?

Simply put, when you refinance a mortgage, you pay off an existing mortgage in exchange for a new mortgage loan. The answers to “how”, “when”, “where”, “who you choose to refinance with” etc. will all influence your decision to refinance your mortgage.

Since your home is probably your most valuable asset, it is prudent to be well informed before you choose to work with any lender. Working with a qualified mortgage specialist, will help you understand all the pros and cons of your individual situation before you make that final decision.

Why refinance?

There are a variety of reasons of why you may want to consider refinancing your mortgage. Some of these are

  • You can get a new mortgage at a better or lower interest rate
  • You may want to increase the length of your mortgage term to reduce your payments
  • On the other hand you may want to decrease the length of your mortgage term to pay off your mortgage sooner
  • Move from a variable  rate mortgage to a fixed rate mortgage
  • Available funding for home improvements & renovations
  • Refinance your home to pay off debt
  • Increase cash flow for investments or for other purposes
  • Save thousands of dollars in interest over the life of your loan

Remember to always take advantage of your home equity to save money!

When is it a good time to refinance?

As we said above, you need to be well informed before refinancing. There are many factors to account for when deciding if it is a good time to refinance for you. At torontomortgagetrends.com we will explain the process to you fully so that you are aware if the time is right for you.

Will I qualify for refinancing my mortgage?

Make an initial free consultation appointment to discuss your situation with our qualified mortgage specialists. We will outline your options and help steer you in the right direction. We will evaluate the factors that affect your situation and be able to determine the amount you can borrow.

What we can do for you?
Take advantage of the low mortgage rates that are being offered. Options include:

  • Refinance your home to reduce the term of your mortgage to build equity faster!
  • Use increased equity to obtain cash flow for purposes such as:
  • Renovations
  • Funding for cars, boats or holidays
  • Your children’s education

You can refinance either with a first and/or second mortgage or line of credit. Our team of professionals will create the best financing solution that best serves your needs. They will evaluate your current situation and ensure that your financing objectives are met. We can help you with a variety of mortgage refinance options and terms, so that you have a customized solution that makes sense and best benefits you!

If you are interested in refinancing your mortgage or loan, simply call torontomortgagetrends.com or click on apply online! to get in touch with a torontomortgagetrends.com specialist. We will work with you to create a solution that benefits you and optimizes the use of your equity.

apply online or call 647.267.6338