Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by consolidating your debt into your mortgage payment. You can potentially access up to 80% of your home’s value.
Refinancing may be the right option for you is you need to
use equity to pay off large debts, which can reduce the amount of interest you’re paying, lower your debt payments, and increase your cash flow.
access your home’s equity to buy a second property or a rental property.
use equity to pay for home improvements, education expenses, or other investments.
get a lower rate, change lenders, or change the details of your current mortgage.
I am available to answer any questions you may have about refinancing your mortgage! Contact me today for free, unbiased advice on whether or not refinancing makes sense for you!
How Can I Use My Home’s Equity?
When purchasing a house, some simply want the stability of owning their own home, while others also look at home ownership as an investment vehicle. You can refinance home loans and pull out equity for:
high interest debt consolidation
boost RRSP contributions
down payment on a second home or rental
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks. The best thing you can do is to contact me and a financial planner to discuss opportunities to make your home’s equity work for you!