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 changing from a variable rate mortgage to a fixed-rate.
Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.
Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, refinancing allows you to pay off your existing mortgage and replace it with a new one.
There are a variety of reasons to consider mortgage refinancing, including but not limited to:
- You want to leverage large increases in property value
- You want to get equity out of the home for upgrades or renovations
- You want to expand your investment portfolio
- You are looking to consolidate your debt
- You have kids headed off to college
- You are going through a divorce
- You want a better interest rate
- You want to convert your mortgage from fixed to variable (or vice-versa)
If you are looking for a Lethbridge Mortgage Broker that can help you with refinancing, make sure to contact me today to see what your options are!