Refinancing Made Easy

Refinancing means you are paying out an existing mortgage by arranging a new one to take it’s place . This can be done using the same Lender or a switching to a new Lender.

Refinance Can Be Used To:

• Debt Consolidation can wrap all your monthly debts into one lower rate, lower payment amount.
• A decrease of mortgage payments can be achieved by refinancing and extending the Amortization. The maximum Amortization in Canada is now 30 years for purchase transactions. For those with 20% equity or more a 35 year Amortization is possible.
• Equity can be borrowed from the home to buy Investments to diversify your financial portfolio and take advantage of Stock Market conditions.
• Renovations actually increase the value and livability of your home.
• Quality insulation, a pool, updating interior finished all increase value and enjoyment.
• Some Homeowners use their existing equity as a down payment to buy a Recreational home or even a Rental for future investment and diversification of their portfolio
• There are times when it makes sense to buy high cost items and finance them at the very low rates that are offered through a mortgage.
• Special occasions are often high cost and can’t be financed in any other ways. Taking advantage of existing equity to pay for education costs for a child or assist in making a dream wedding or vacation possible is an option when the equity supports it.
• Refinance for the purpose of reducing a mortgage rate is the most important to assess before proceeding. It can carry a heavy penalty depending on the remaining number of months that the existing mortgage has and the difference in the interest rate it may or may not be cost effective.

Apply OnLine , or speak to a knowledgeable member of “Your Durham Mortgage Solutions Team” Today Let us help you Refinance!