Renewing your mortgage is as important a financial decision as selecting your first one. While renewing your mortgage, you are in a stronger financial position as compared to where you were before. Your home equity grows over a period of time and by decreasing your principal loan balance, you are in a good position so have
Aditya Wadhen will negotiate for you!
Help Obtain a Lower Fixed Rate
The interest on a fixed rate mortgage that you took several years ago may have dropped drastically. Refinancing the existing mortgage will entitle you to avail of the reduced interest rate.
Make Cash Provisions for Emergency Situations
You can refinance your existing mortgage to free a larger amount of cash, depending on your home equity. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.
Convert Adjustable Rate Mortgage into Lower Fixed Rate
The interest rates on an adjustable rate mortgage (ARM) might be low initially, but the fluctuations are unpredictable. Many find these constant variations in the interest rate taxing and prefer to refinance the mortgage into a secure, fixed rate one.
Consolidate Multiple Mortgages into One
Paying the installments of two or more mortgages at the same time can be quite a burden for most individuals. The best solution in this case is to consolidate the multiple mortgages into one, with a fixed monthly interest rate and a longer repayment duration.
Pay Off Other your Debts
The proceeds from your refinanced mortgage can be used to pay off credit card bills and other similar expenses. Since mortgage interest is 100% tax deductible, you end up saving a considerable amount.
Looking for a Fund Renovation? Let me show you the options
- Purchase plus improvement
- Equity Take-out
- Home Improvement Financing up to $35,000*