Finding the Right Mortgage Refinancing Program

 

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 benefits.

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 are typically utilized to reach a variety of goals.

• 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.

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!