Top 3 Reasons To Consider Refinancing Your Mortgage

Top 3 Reasons To Consider Refinancing

Your Mortgage

Introduction

Refinancingyourmortgageisafantasticoptionifyouarelookingtotakeadvantage of the lower interest rates, tap into the equity of your house, or if you want to extend your amortization. At Sure Loan For You, our expert team is qualified to work with borrowers anywhere in Canada to help to identify the right mortgage refinancingoptionbasedontheircurrentfinancialsituation.

There are a wide variety ofreasons onemight considerrefinancing yourmortgage. The most popular one is taking the built-up equity out of your house to consolidatedebt,fundhomeimprovements,cashoutandmuchmore.

Able to access the built-up equity in your home

In ahealthy housingmarket,the built-upequity inyourhousegoesup whenyoupayoffa portion ofyourmortgage.Ifyouchoosetoaccesssomeoftheequity,ausefulwayofdoingsoisrefinancing.

Debt Consolidation

Ideally,moneyborrowedinamortgagehasfarbetterinterestrateswhencomparedtootherformsof debt,suchasloansorcreditcards.Animportantreasontorefinanceyourmortgageistoutilizesome of the additional equity in your property to borrow more funds in a new mortgage, which can further be used to pay off higher debts. Combining all yourhigh-interest payments into one single easy-to-makepaymentwillhelpyoukeeptrackofthem.

Pay off home improvements

Accessing the built-up equity through mortgage refinancing is a great way to pay off home improvementswhencomparedtootherhigh-interestformsoffinancinglikeapersonalloan,second mortgage, HELOC etc. Moreover, refinancing for home renovations increase the property’s appraisalvaluewhichinturnincreasesyourequityandreducingyourloan-to-value(LTV)ratio.