If you are burdened with high-interest debts or struggling to make the payments on your student loan, credit cards, medical bills or car payment, then mortgage refinancing might be a way to free up some extra cash each month while saving you money in the long run.
Mortgage refinancing means using the equity in your home to consolidate your debts. The debts that you consolidate are paid off, but the total owing on your home goes up by the same amount. Because interest rates on mortgages are still very low, this strategy could leave you with more money in your pocket each month while still reducing the amount that you will pay over the lifetime of your mortgage. This is particularly true if the interest on your others debts is high.
Refinancing your home may be especially beneficial if doing so means that you will be able to put away more money for your retirement to secure your financial future.
Why you should work with a mortgage advisor for refinancing
As an independent mortgage advisor, I can walk you through the pros and cons of refinancing your home. For example, depending on the terms of your current mortgage and how close you are to your renewal date, breaking your mortgage to refinance can come with hefty penalties.
By analyzing your current debt levels and the rates of interest that you are paying on each loan, I can help you determine whether any penalties you might have to pay will be worth it. Furthermore, I can provide you with easy to understand illustrations of how refinancing your mortgage will affect your monthly payments as well as the total amount you will pay on your mortgage.
Should you decide to go ahead with refinancing, I will work on your behalf to ensure you get the best possible rates and terms for your situation. With over fifty lenders to choose from, you can be confident that you’ll receive the most competitive rate.
I will assist you with all the necessary paperwork to ensure that your mortgage is refinanced quickly and seamlessly so that you can start saving money as soon as possible.
Before you refinance your mortgage
Refinancing your mortgage can be a great solution for helping you get back on your feet financially, but it is strongly cautioned that you do so only if you are going to implement a plan to help you from going back into debt. Otherwise, you could potentially end up in a worse position than you were in before. Consider drawing up a family budget that you can stick to and start building up an emergency fund so you won’t have to rely on credit when the unexpected happens.
Call me today for a consultation
Mortgage refinancing has helped many Canadians gain control of their finances while ultimately saving them money. If you have sufficient equity in your home, it may be able to help you as well. If you would like to discover whether this solution is right for you, then I invite you to contact me today for a consultation.