Mortgage Refinancing

Refinance your mortgage to save money or get better terms!

Get Approved for Mortgage Refinancing Loan in Edmonton

Mortgage refinancing can be an excellent option for many different situations. For example, if someone contributing to the mortgage recently takes a pay cut, you could refinance and reduce your mortgage payments. Or, by getting a lower interest rate, mortgage refinancing could save you a whole lot of money in the long run, even though there may be some initial costs. Here are common reasons that people go with the option of mortgage refinancing.

Lower Interest Rates

The main reason that people refinance their mortgages is to access lower fixed mortgage rates and variable mortgage rates. Mortgages are long term loans. If you first took out your mortgage during a time when interest rates were high and they are lower now, there is a chance that you could save thousands over the coming years by refinancing. Be careful of the penalty that your current bank might charge! At the end of your mortgage term (contract), you are required by the bank to renew your mortgage. Most people just sign the renewal forms without a second thought. Talk to a mortgage broker about refinancing at a lower rate to lower your payments and put more money into your pocket.

Move From a Variable Rate to a Fixed Rate

If you have variable rates, it might be a good time to think about locking in a low fixed rate. Your bank’s posted fixed rate may not be competitive in the market. Interest rates have been at historic lows since 2015, so if you are worried about a rate increase and want to lock in to a fixed mortgage rate, mortgage refinancing might be the right financial choice for you.

Debt Consolidation

Canadians are carrying record amounts of consumer debt, and with some of the refinancing options out there, you may be able to consolidate any of your own debt. You could get a HELOC (Home Equity Line Of Credit), or you could just replace your current mortgage with a bigger one, and use the extra funds to pay off the debt. Think about the impact of changing $15,000 from a 19% credit card to a 3% mortgage!!! The difference in interest cost is $2400 per year.

Combine Mortgages

If you took a second mortgage out on your home or purchased another home, you can use a mortgage refinancing option to consolidate your payments into one plan. You should be able to get an overall lower rate when you combine mortgages.

If you are considering refinancing your mortgage talk to a mortgage broker. They have the flexibility and connections to see that you get the best deal possible.
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