Whether you want to refinance your existing mortgage or make use of your Home Equity for any purpose that you desire, the decision to refinance requires proper planning and consideration of several factors.
Paying a penalty to break your existing mortgage is not necessarily a deterrent. Often, when you do the math, breaking your existing mortgage for a lower interest rate simply makes sense (and dollars). If breaking your mortgage can save you money over time, it should be seriously considered. Depending on the penalty and other variables of course… If you hold a variable rate mortgage, most often the penalty is three months interest. If you have a fixed rate mortgage, then you will likely pay the greater of three months interest or interest rate differential penalty (IRD). We can walk you through the math and advise you on whether refinancing makes sense for you.
With refinancing, you can gain access to up to 80% of your home’s appraised value less the balance on your outstanding mortgage(s) (up to 85% for second mortgages). This equates to extra funds for consolidation, investment, renovations, education costs or whatever you desire. You can access your equity by breaking your mortgage, applying for a home equity line of credit, blend and increase your existing mortgage or apply for a second mortgage.
Provided you have sufficient equity in your home, you have the option of paying off high-interest debt through a refinance. This could include debts such as a car loan, a line of credit, credit card bills, etc. We have several refinancing options available for you.
Just fill in this simple online form with your details and click submit, and we will get back to you with a refinance solution that best suits your needs.
Call 905-265-0246 or email firstname.lastname@example.org for more information.
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