We are now running a mortgage refinance special offering up to $1000 in your pocket. Of course some conditions apply, but this is a pretty sweet deal.
***Offer Valid From January 1st 2014 - February 28th, 2014. Application must be submitted by February 15th.
3 Reasons to Consider a Mortgage Refinance
In the video above I work through the following 3 reasons you should consider a mortgage refinance. Obviously this isn't an comprehensive list, however it is an outline of the most popular reasons people choose to refinance their mortgages.
Lowering Your Interest Rate
Interest Rates are funny things, because the typical mortgage term is 5 years, most people don't even know what their current interest rate is let alone where current market rates are at. Combine that with the horror stories of enormous prepayment penalties and it is no wonder most Canadians don't pay much attention to their mortgages.
However, the new year is a great time to make sure that you are getting the best rate you can while considering what else you might do with some of the home equity you have built up.
It happens. Recent statistics show that the average Canadian is in debt to the tune of 163% of their annual income. A lot of that is high interest debt to credit cards, line of credits and high interest vehicle loans.
If you are in a position where you have some high interest debt and you have more than 20% equity in your home, you should seriously consider consolidating all your debt into one low monthly payment. The extra cash flow that you free up can then be used to accelerate your mortgage payments at your discresion.
Here are the most common reasons people access equity from their property in a refinance.
- Home renovations
- Debt consolidation
- Major Purchase (Vehicle)
- Purchase rental or vacation property
- Tuition for children University
- Assisting children with down payments
Considering interest rates are relatively low compared to Canadian historic levels, now might just be the perfect time to look at your mortgage refinancing options.
We would love to talk with you about your financial situation to see if a refinance makes sense for you! Contact us anytime!