REFINANCING YOUR MORTGAGE
There are many good reasons to refinance a mortgage.
As mortgage payments are made, equity builds up. A mortgagor may want to refinance to take out the equity and use the funds for other purposes such as purchasing more real estate, renovating property, paying tuition, vacationing, investing, and more.
Another good reason for refinancing might be to use the equity to consolidate debt, paying off other higher interest rate debts. It may benefit a mortgagor to refinance to take advantage of decreased rates that could provide lower mortgage payments, or the opportunity to pay off the mortgage faster. Refinancing could benefit a mortgagor whose credit rating has improved enough to be eligible for better rates than when the mortgage was first taken out. Sometimes a mortgagor may want to refinance a mortgage to move into a different mortgage term (e.g. moving from open or variable rate mortgage into a closed, fixed term). There are many reasons to refinance and many options available.
We can help determine if the benefits of refinancing will outweigh any costs involved.
Contact us for a no-obligation consultation.