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Benefits of Refinancing your Mortgage

Homebuyers understand the financial commitment associated with purchasing a home. Paying off your mortgage every month might be the largest expense you have. It could be worth your while to look into refinancing your mortgage to see if the current rates have changed. As your Oakville mortgage broker, we have created a list of the top 5 benefits of refinancing your mortgage.

  1. Lower Payments:
  2. The market is always fluctuating, which means rates are always changing. If you currently pay a high interest rate, it could be beneficial for you to look into refinancing your mortgage so you have lower monthly payments.

  3. Consolidating Debt:
  4. Refinancing your home means you can consolidate your debt into one bill and start paying it off immediately. This could be any debt including student, car or mortgage loans, and credit cards. The less debt you have, the better your credit score will be so consolidate your debt today to improve your financial standing.

  5. Home Renovations:
  6. If you are planning on renovating your home, then refinancing your mortgage can help pay for the improvements. Or, if you are planning on making long term renovations, then refinancing can help pay for a construction loan.

  7. Build Home Equity:
  8. With the current Canadian market booming, the housing prices are appreciating at a drastic rate. If you have had your home for at least five years then you most likely have an increase in home equity. Refinancing your home can allow you to access your home equity and use that money towards renovations, debt, real estate, vacations, or education.

  9. Prevents Mortgage Default:
  10. Mortgage rates in Oakville can be very expensive. If your mortgage payments are higher than you can afford, refinancing your mortgage can help make your payments more manageable. This can be beneficial if you are in jeopardy of defaulting on your mortgage.

Whether you are looking for cheaper payments, eliminating debt, improving your home, or making another big purchase, refinancing could be the best option for you. For information on mortgage rates in Oakville, Ontario, please contact the Loewen Group Mortgages at 289-813-7305.

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