There are many reasons to refinancing your home from consolidating debts to taking out money for renovations. Refinancing has great benefits that can assist decreasing debts greatly. By Consolidating your debts that have higher interest rates and paying them off through refinancing, you can substantially decrease your monthly payments and improve your cash flow that can then be used towards profitable long term investments.
Refinancing to do home renovations is another common reason as it is a great method to increase the value of your home. You can refinance your home up to 80% of its value. To figure out the value of your home a reputable appraisal must be completed. From there you can apply for a refinance and take the steps to live with more ease with less bills to worry about and more investment to think about.
Mortgage renewals are one of the most neglected decisions made during the life of a mortgage. Many homeowners stay with their existing mortgage lender because they believe it is too time consuming to shop around for a better rate. Or, they may think the offer from their existing bank is the best deal available. Don’t Neglect your mortgage renewal as you now have leverage. You have gained credit and every lender will want your business. It is important to know your value and shop around as you deserve the best rate. For example just saving .85% on a $200,000 mortgage is 8,260 over a 5 year term. That is money you could put towards the principle.
Everyone's situation is unique to their financial standing and needs. Book a free consultation with me to discuss your options.
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Mortgage Approvals Ottawa Team - 291 Olmstead street, Ottawa, ON
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