Refinancing Your Mortgage
Building a stronger financial future and accessing
additional funds is something which appeals to many Canadians. Whether you wish
to access a lower interest rate, shorten the term of your mortgage, or consolidate
existing debt, refinancing your mortgage is an option that offers many
Although the terminology can be intimidating, refinancing a
mortgage simply refers to the process of renegotiating the terms of your
mortgage, typically by paying off an existing home mortgage loan and replacing
it with a new one.
As your home is one of your main assets, it is vital that
you explore all of your options and access the most up-to-date and
comprehensive advice. Many mortgage specialists offer a free initial
consultation in order to assess your financial situation and discuss the
options available to you. Trusted mortgage specialists such as Canadalend are
available to analyze not only your current financial circumstances, but also
work with you to realize your short- and long-term goals.
Mortgage Refinancing Programs
- Refinancing a mortgage may be an opportunity to
obtain a lower interest rate. Not only does this help you to save money, but it
also increases the rate at which you build equity in your home, helping you to
strengthen your financial future.
- Increase the amortization of the mortgage:
historically, the time needed to pay off a mortgage has been 25 years. However,
with a refinancing program it may be possible to extend the amortization
period, thereby lowering your monthly payments.
- Decrease the amortization of the mortgage: a
lower interest rate may allow for a shorter-term mortgage.
- Tap into your home equity: home equity is simply
the difference between the market value of your home and the amount of money
owing on your mortgage; equity may be leveraged in order to make a large
purchase, complete home renovations, finance college tuition or free-up cash to
take advantage of minor or major investment opportunities.
- Converting between adjustable-rate mortgage and
fixed-rate mortgages: skilled independent, licensed professionals such as those
at Canadalend can advise as to which of these financial strategies are most
appropriate for your current financial situation.
- Debt consolidation: high-interest loans such as those
obtained through credit cards may be consolidated into one manageable payment,
thereby reducing monthly obligations and increasing cash flow.
Reducing Your Mortgage Payments
Refinancing has proven to be an excellent financial option
for many Canadians looking to reduce their mortgage payment, shorten the term
of their loan or build equity at a faster rate, but it is essential for a
homeowner to consider their reasons for refinancing very carefully. Canadalend
is the leading low-cost, private mortgage solution provider
in Canada, offering
a variety of mortgage refinancing programs. A recent report by Canadalend
indicated that a combination of moderating house prices and low interest rates
in Canada make it an excellent time to consider mortgage refinancing programs
in order to realize your short-term goals, as well as strengthen your financial
future. Apply online and speak to an experienced and reliable mortgage
specialist to find out if you qualify for a mortgage refinancing program today!