Mortgage Refinancing Toronto Ontario
Why refinance your mortgage?
Mortgage interest rates are at their lowest; so many Canadians are taking advantage of this and applying for mortgage refinancing. Especially if you have improved your credit score, you may qualify for a new mortgage with a better discount to refinance an existing high interest mortgage.
Refinancing often can save you thousands of dollars in unnecessary interest payments. Refinancing is a good option to pull equity out of your home for consolidating debt, home improvements, investments, travel, a cottage, college expenses, paying into your RRSP and more. Refinancing can also reduce your monthly payments. To learn more about how you can consolidate high interest credit cards and other loans into ONE monthly mortgage payment at a lower rate, go to our consolidate debts page.
Refinancing can also help you build your home equity quicker. A mortgage medic can look at your current debts and financial situation and provide you with options that can save you money and lead to financial independence sooner than you think.
Ontario Refinancing Mortgage Basics
Refinancing can also protect you from rising interest rates if you lock in a low rate now, for as long as a 10 year term. However, mortgage refinancing comes with some short term costs, so it's important to consider both the costs and benefits before making your decision. A mortgage medic can work with you to see if it makes financial sense for you to switch. Answers are only a phone call away.
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