Saskatoon Mortgage Refinance
As long as you own your home, you can refinance up to 80% of its value. First Foundation, as experienced mortgage brokers, will help you refinance your Saskatoon home at the best available rates and without any tricky clauses.
When Mortgage Refinancing Makes Sense
If you need a large amount of money for any reason, such as paying down debt, purchasing a rental or vacation property, renovations, starting a business, or anything at all, mortgage refinancing makes sense. With today's low interest rates, there's no time like right now to inch a little bit closer to your dreams by refinancing your Saskatoon home.
Fees Associated With Refinancing
The process of refinancing is like taking out an entirely new mortgage on your property. You have to pay the same legal and appraisal fees that you did when you first purchased your home. Beyond those standard fees, there are no charges associated with the process. You can even have them added to the mortgage and then pay yourself back when you receive the funds from the refinancing.
Pay Down High Interest Debt Right Now
Sure, the ideal state of financial being is to have no debt. But we don't all live in an economic utopia. Home repairs, broken appliances, vehicle repairs, and other expenses can eat away at even the most carefully crafted household budgets, and many of us find ourselves in debt. You can take control of high-interest debt through refinancing your Saskatoon mortgage, and save yourself hundreds, even thousands of dollars per month in bill payments.
Smith Manoeuvre: Invest Your Equity
If you've got at least 20% equity built up in your home and can handle investing money, you can use the Smith Manoeuvre to refinance your mortgage and make money off the proceeds. Simply put, you pay down your mortgage as quickly as possible, borrow the amount that your principal has reduced by each month and invest the proceeds. If you're interested, you can purchase the book from First Foundation or give one of our brokers a call for a walkthrough of the process and to see if it is something you feel you could do.
First Foundation: The Mortgage Refinancing Experts
A mortgage broker is your best source for refinancing because we know which lenders to talk to in order to get our clients the best rates. A bank is only going to have one rate; theirs, and it won't be the best one. Banks typically don't like to lend money to pay off debt, and their interest rates on this kind of refinancing reflects this distaste. Mortgage brokers get clients asking about mortgage refinancing all the time and we'll help you in a way that gets your problem solved instead of creating new issues.
Give one of our mortgage brokers a call today to find out how to get the Saskatoon mortgage refinancing process started.