Mortgage Refinance and Equity take out
Our mortgage professionals at Silver Maple Mortgages can make getting a mortgage refinance or debt consolidation loan across Brantford, Hamilton and Cambridge easy.
Why refinance your mortgage?
Mortgage interest rates are at their lowest; so many Canadians are taking advantage of this and applying for mortgage refinancing. Especially if you have improved your credit score, you may qualify for a new mortgage with a better rate to refinance an existing high interest mortgage.
Refinancing often can save you thousands of dollars in unnecessary interest payments. Refinancing is a good option to pull equity out of your home for consolidating debt, home improvements, investments, travel, a cottage, college expenses, paying into your RRSP and more. Refinancing can also reduce your monthly payments. To learn more about how you can consolidate high interest credit cards and other loans into ONE monthly mortgage payment contact us at (866)442-0165.
Refinancing can also help you build your home equity quicker. A mortgage medic can look at your current debts and financial situation and provide you with options that can save you money and lead to financial independence sooner than you think.
Ontario Refinancing Mortgage Basics
Refinancing can also protect you from rising interest rates if you lock in a lower rate now, for a longer term. However, mortgage refinancing comes with some short term costs, so it's important to consider both the costs and benefits before making your decision. Our mortgage specialist can work with you to see if it makes financial sense for you to switch. Answers are only a phone call away.
Equity take out and secured Debt Consolidation Loan
Many Canadians use the equity in their homes for consolidating debt, but others see it as a source of cash for realizing their dreams.
Many home owners use their equity for investment purposes, including RRSP’s. Others use their equity for home improvements, which often increases the market value of their home.
Your secured debt mortgage loan can also be used to pay for college, medical expenses, a car, a boat, travel and more. Looking to buy an investment property, cottage or vacation property?
Using the equity you have in your current home can help you qualify for a mortgage on your new purchase.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks.