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What Is A Refinance Mortgage?
Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate.
If your current mortgage is coming to the end of its term you have a few choices and refinancing is one of them. A mortgage refinance is when you take out a mortgage for more than you currently owe on your mortgage. This gives you more access to the cash equity in your home. The mortgage amount is increased and the cash that is left over is paid out directly to you. It’s possible that refinancing may reduce the amount you pay in mortgage interest each month, help you pay off your loan sooner, or free up cash that you could use toward a project you’ve been thinking about.
How to refinance your mortgage and When Can I Refinance My Mortgage?
As stated earlier, it is often completed during your mortgage renewal period but this is not always the case. Depending on your circumstances you may want to refinance sooner and pay a penalty. Our mortgage agents are here to help you navigate these situations to find the best solution for you.
Benefit Of Refinancing My Mortgage. Having extra cash on hand through your refinance mortgage can help you:
- Pay interest credit cards
- Have extra funds for home renovations
- Debt consolidation
- Purchase investments
- Debts to Revenue Canada
- Start New business
- Pay for school
We are always there to help you make the right decisions for your refinance mortgage.
For the last 15 years, We have been providing the communities of Ontario with flexible, trustworthy business and residential mortgages to make home and commercial facility accessible.
We will assist you in comprehending your financing possibilities and locating an affordable mortgage. We will walk you through the procedure and make it as simple and straightforward as possible.
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