There are many reasons you may choose to refinance your property. Perhaps you want to take advantage of lower interest rates, make some investments, buy a second property or start a business. Whatever the reason, borrowing against your home is a great way to access money as mortgage interest rates are significantly lower than conventional means of borrowing.
Interest rates in Canada are at one of the lowest points in decades, but that does not guarantee they will stay there. If you have been considering refinancing your home, It may be the right time to do so. By refinancing your mortgage now, you may be able to:
Lower your monthly payment
Reduce your amortization and pay your mortgage off years sooner
Save thousands in interest over the life of your loan
Use a portion of your new mortgage to consolidate high-interest debts
Start a business, take a trip, pay for college… Etc.
Mortgage refinancing is one of the best ways to borrow money due to the lower interest rates offered on mortgages. If you would like to explore your options and determine whether or not a refinance is right for you, give us a call. We are always happy to discuss your options, and may be able to suggest some additional cost-saving strategies.