A mortgage refinance is a way to get a lower interest rate or better terms.
Many families secure a mortgage for their Stayner, Ontario home and then proceed to spend the next 15 or 30 years paying it off, thinking they have no choice. The reality is that as the financial environment changes, you could be in a position to renegotiate. Your home could be worth a great deal more and the interest rates could be far lower, for example. There could also be new mortgage products available that weren’t around when you first bought your home. At Donna Mullen & Associates, we are happy to walk you through the process of a mortgage refinance that could potentially save you thousands of dollars and have other benefits too.
Depending on the terms of your specific loan, you may also be able to take advantage of your home’s current equity during the refinancing process to eliminate other debts, such as student loans, credit card bills, medical expenses, etc. Since a mortgage refinance comes at a lower interest rate than a credit account, you’ll save money using your home’s equity instead. A home equity line of credit is also another option for taking advantage of your equity if you are happy with your current mortgage terms and don’t want to refinance.
A mortgage refinance can also be used to convert an adjustable-rate mortgage to a fixed-rate mortgage, or vice versa, depending on what best fits your financial goals. If you would like to know more about the many different types of mortgages that we can assist you with, reach out to us today to schedule a consultation.