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
- 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.