Calgary Mortgage Refinancing

Easy to Do, Easy to Save

If you own a home in Calgary and are interested in refinancing your mortgage, First Foundation can help you secure a great interest rate. If you want to take advantage of lower market interest rates or want to liquidate some of your home equity to put towards other things, there are a number of reasons to look into mortgage refinancing.

Save Money with Refinancing

As a mortgage broker, First Foundation works for you, the homeowner, not for the bank. Your broker is obligated to work to secure you a great rate when refinancing your mortgage in Calgary. Because they don't lend you the money directly, your broker has the ability to negotiate with many different financial institutions on your behalf. These lenders will compete for your business, so you enjoy lower mortgage refinancing rates than you would if you dealt with the financial institutions directly.

But even if you're already enjoying a great interest rate, you may still be able to save money with mortgage refinancing. If you owe money on high interest credit cards or other high interest loans, mortgage refinancing gives you a way to consolidate these debts by using the equity from your home to pay off the bills which are slamming you with high interest rates.

In Calgary, refinancing your mortgage can also allow you to take advantage of something called the Smith Manoeuvre, which turns your non-tax-deductible mortgage debt into an investment loan, which is eligible for tax deduction. This can save you money on taxes and help you to pay off your mortgage more quickly.

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Upgrade your Life

Calgary mortgage refinancing can be used to free up money currently locked in your home equity. Perhaps you have home renovations you'd like to do but you don't have the funds available. By refinancing your mortgage, you can free up money from your home's equity and put it towards improving your house. Not only do you get increased enjoyment from your property for the rest of the time you live there, but you'll also improve the value of your home.

Maybe you'd like to purchase a vacation or investment property. You can refinance your mortgage for up to 80 percent of the value of your current residence and use this money towards the purchase of a new vacation home or other property. You can also use the money freed up through refinancing your Calgary mortgage to put towards traditional stock investments as well.

To learn more about Calgary mortgage refinancing and whether it's the right choice for you, contact a broker at First Foundation today.

Last updated Feb 11, 2019