Mortgages in Oakville: How To Refinance Your Mortgage

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Considering Refinancing your Mortgage in Oakville?
Refinancing your mortgage can help you consolidate debt or use your home’s equity for renovations and other investments. When you refinance your home, the existing mortgage is paid off by a new mortgage that may have a different length or interest rate than the previous one.
There are many reasons why you may be considering refinancing your home:
  • Whenever interest rates fluctuate, there’s a chance that you may be able to receive a lower interest rate. Even though rates have been low for years, you may notice them drop even further and wonder if you can shave thousands off of your mortgage by refinancing today
  • Refinancing your mortgage can help you tackle your household debt. If you rely on credit cards to make ends meet each month, it’s time to consider lowering your monthly mortgage payment. By refinancing the mortgage on your home, you can arrange a longer repayment period, possibly with a lower interest rate, that will translate into lower monthly payments
  • If you’ve been lucky enough to benefit from an influx of cash or an inheritance, you may want to refinance your mortgage so you can pay it off sooner. Most mortgages allow you to pay an extra amount each calendar year—often a certain percentage of the initial mortgage value  

Understanding the Equity in your Oakville Home... 


Refinancing mortgages is also a good way to get the money you need for renovations and improvements at an interest rate that’s usually much lower than regular loans. You can access thousands or even hundreds of thousands of dollars, depending on the difference between what you owe and what your home is currently worth. With that money, you can increase the value of your home even further by updating or totally renovating the kitchen or the bathroom. You can also afford a new roof or any other expensive repairs that you may have been putting off over the years.
To see how much you may qualify for, try using a mortgage payment calculator. You can enter the amount still owing on your mortgage, current interest rates, and different amortization periods. You can get an idea of how you can lower your payments by refinancing. A trained professional at Canadalend can help you determine the equity you’ve built up over the years, and your options moving forward.


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