Refinancing Your Mortgage
Refinancing can be a smart financial decision, and as your mortgage advisor, I’ve seen the incredible benefits for homeowners firsthand!
Ideally, refinancing happens at the end of your mortgage term to avoid penalties, but timing can vary based on your goals. Whether it’s tapping into home equity for renovations, covering large expenses like college, consolidating debt, or adjusting your mortgage terms, refinancing offers flexibility and financial freedom.
Ideally, refinancing happens at the end of your mortgage term to avoid penalties, but timing can vary based on your goals. Whether it’s tapping into home equity for renovations, covering large expenses like college, consolidating debt, or adjusting your mortgage terms, refinancing offers flexibility and financial freedom.
Here's how refinancing can help:
1. Get a Better Rate: With recent rate drops by the Bank of Canada, now might be the perfect time to refinance and enjoy lower mortgage payments! Experts predict rates could go as low as 2.75% by next year.
2. Consolidate Debt: Refinancing is a great time to consolidate any existing debt. Typically, mortgage interest is lower than credit card rates, so combining everything into one payment can save money and help you stay on track.
2. Consolidate Debt: Refinancing is a great time to consolidate any existing debt. Typically, mortgage interest is lower than credit card rates, so combining everything into one payment can save money and help you stay on track.
3. Unlock Your Home Equity: Need funds for home projects, a new car, or education? Refinancing lets you use your home equity for big life goals without taking on new, high-interest debt.
4. Change Your Mortgage Product: Thinking of switching from variable to fixed, or adjusting your payment schedule? Refinancing gives you the chance to choose a mortgage product that better suits your current needs.
4. Change Your Mortgage Product: Thinking of switching from variable to fixed, or adjusting your payment schedule? Refinancing gives you the chance to choose a mortgage product that better suits your current needs.
PLUS! Recent changes from the Canadian government have made it even easier:
No More Stress Test for uninsured mortgages, effective November 21st. This provides more options for those renewing or refinancing.
New Options for Secondary Suites: Starting January 15th, insured mortgages can be refinanced to build a secondary suite, with access to up to 90% of your home’s equity for this purpose!
Considering your options? Feel free to reach out to discuss how refinancing can help you achieve your financial goals!
New Options for Secondary Suites: Starting January 15th, insured mortgages can be refinanced to build a secondary suite, with access to up to 90% of your home’s equity for this purpose!
Considering your options? Feel free to reach out to discuss how refinancing can help you achieve your financial goals!
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
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