Mortgage Refinancing

How you can use your home loan to achieve your financial goals.

Mortgage Refinancing

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Leverage the equity in your home

Mortgage refinancing is renegotiating your existing mortgage loan and replacing it with a new one. Homeowners will often refinance to obtain a lower interest rate, shorten the term of their mortgage, reduce interest payments, consolidate debt, finance a large purchase or to raise funds to cover a financial emergency.

When you refinance your mortgage you get new terms on your existing home loan. Oftentimes, the savings earned from a new interest rate outweigh the prepayment costs associated with refinancing. In fact, many lenders say 1% savings is enough of an incentive to refinance.

When done strategically, mortgage refinancing can be a great financial tool to reduce your mortgage payment, shorten the term of your loan, help build equity quickly or combat high-interest debt.

Is refinancing right for you?

Based on your individual needs we can evaluate whether refinancing makes sense for you and how best to do it. The most common reasons why you would refinance are for:

Debt consolidation

Merge higher interest debts into one manageable payment with a lower interest rate.

Secure a lower interest rate

When interest rates drop, consider refinancing to shorten the term of your mortgage and pay significantly less in interest payments going forward.

Cover emergency expenses

Take out some of the equity accumulated in your home to cover emergency expenses such as unexpected job loss, family illness or other financial emergencies.

Home renovations

Get the money you need to renovate or make repairs on your property.

Tuition

Cover education costs for yourself or someone else.

Investing

Use funds from your house to take advantage of an investment opportunity.

How can you use a second mortgage?

Debt Consolidation

Credit Improvement

Vacation

Education

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