In today’s Finance Minute let’s talk about what Refinancing Means. It means changing or replacing your current mortgage with a better mortgage. Why would you replace your current mortgage? Because your needs and the economy have changed from the time you took your mortgage. Refinances happen and you can do this with any lender, it doesn’t have to be with your current lender. Today there are millions of Canadians that can benefit from Refinancing, but they don’t know it. Why would you as a homeowner want to refinance?
- To lower your rate and thus lower your payment.
- To take cash out for renovations, removal of co-owners or ex-spouse, open a line of credit for investments, consolidate loans to pay out high interest debt, give money to kids or relatives so they can buy their own properties.
Choosing whether to refinance or not is unique and personal to everyone. Is it worth it? It can be, and there are pitfalls to avoid too. When I work with a client, I treat their money as my money. I tell them if it’s worth It or not worth it. Make sure that you are working with somebody who has your best interest in determining if this is right for you.
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