Refinancing

REFINANCING YOUR CURRENT MORTGAGE is an excellent option for consolidating debts, reducing your interest rate or to get equity out of your home. We can show you how to make the most out of your home equity based on your individual circumstances.

Debt Consolidation
Refinancing your mortgage to pay off other debts can save you money. A debt consolidation loan combines all your current debts that you might have as a result of such things as credit cards and other loans into a single loan. This works to your advantage as it has one interest rate and only one monthly payment. This is great if you are used to paying multiple debts each month and want to find a more manageable solution to your debt problems.

Reducing Your Current Interest Rate
If you are locked into a high rate mortgage you may want to break your current mortgage contract and renegotiate a new mortgage with a lower rate. Policies on this vary from lender to lender however most lenders will allow you to prepay your mortgage with the greater of a three month interest penalty or an interest rate differential calculation. If this is an option for your particular situation, it could save you thousands of dollars in interest payments over the term of your mortgage.

Equity Take Out
Other reasons for refinancing your mortgage may include home improvements, investment opportunities, buying a car or helping with college tuition.

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