Refinancing your mortgage can relieve some financial burden. If you have large monthly installments and multiple debts, refinancing your existing mortgage can benefit you in several ways:
- Helps achieve a lower fixed rate Your existing fixed rate mortgage that you took few years ago may have decreased substantially. Refinancing that mortgage will qualify you for current reduced rates.
- Convert a Variable Rate Mortgage into a Fixed Rate MortgageVariable mortgage rates might be low at the beginning of the term and fluctuation might be unpredictable during the rest of the term. To avoid the constant rate fluctuation, one could choose to lock in to a fixed rate mortgage.
- Consolidation of multiple mortgages in oneMonthly Payments of two or more mortgages at the same time can be a burden for most individuals. In this case, consolidating the multiple mortgages in one, with a fixed rate mortgage might be best solution resulting in a longer repayment period.
- Pay off other debtsThe proceeds from your newly funded mortgage can be used to pay off credit card bills and other similar debts. The benefits are reduced single monthly payment and savings on interest differential.
- Free-up some cash for emergency By refinance your mortgage, you can take out some of the equity on your property as cash. Mortgage rates are substantially lower than other unsecured loans. In most cases, the lender does not ask the purpose of the equity take-out.
Our Calgary Mortgage team can advise you whether it is the right time for you to refinance. Your situation should be evaluated carefully to avoid any possible complications at a later stage. By looking at the details of your current mortgage and comparing it to your income and other debts, we help you to choose this new financing solution that suits your current financial situation.
CalgaryMortgage.Ca offers some of the lowest rate and best term mortgages in the market. Whether refinancing an existing mortgage or switch to a lower rate product, our experienced mortgage professionals will guide you through the process.