Refinancing Your Mortgage
refinance mortgage kingston
What Does Refinancing Your Mortgage Mean?
If you have more than $10,000 of unsecured debt (credit card or line of credit), it may make sense to add this into your mortgage and get a lower rate to pay it off faster (and more cheaply!)
Refinancing is the absolute gold standard when it comes to borrowing money at the lowest interest rate possible. This is because secured financing offers the most competitive interest rates, which allow borrowers to maximize on substantial savings. This can come in handy if borrowers have high credit card balances or other loans that reduce necessary monthly cash flow because of high interest payments. There are many more reasons a borrower may choose to refinance their existing mortgage but it always depends on the final cost analysis and whether the savings and benefits make sense.
Your Mortgage Expert
Reasons to refinance your current mortgage
Whether you want to complete a home renovation, consolidate debt, take out an equity line of credit, access equity in your home, send a child to university or purchase an investment property, refinancing your existing mortgage can offer you a valuable solution.
Refinancing often makes sense especially if you would have otherwise obtained credit or a loan somewhere else at a higher interest rate.
Because unsecured loans are not secured against collateral like real estate, they are often higher interest than secured ones. Therefore, your home can be used as a tool you can capitalize on by paying substantially lower costs on the funds you need.