MORTGAGE REFINANCE TORONTO
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Refinancing your mortgage allows for a new loan to be paid on an ongoing mortgage. Everyday people refinance their homes to pay a lower interest rate and lowering their monthly payment. You can also use the equity on your home and shorten the period of an initial loan, or a combination of both.
Mortgage Refinance at a Glance
Don’t be stuck in a home loan with unfavourable terms. North Creek Financial makes it easy to shop around for home loans that fit your needs. We compare lenders and make them compete for your business. Whether you’re a first-time buyer or simply looking for refinancing solutions for an existing loan, NCF will find the best rates available just as you would when shopping for a home, because it’s equally important to know you are not overpaying.
Benefits of Mortgage Refinance
- Lower your interest rate
- Lower your monthly payment
- Adjust your loan term
- Convert a variable rate to a fixed rate
- Take cash (equity) out of your home
Lower Interest Rate
A lower interest rate is perhaps the greatest benefit of refinancing your mortgage. Usually you can expect to reduce your interest rate by at least 2 percent, however even its only a reduction of 1 percent, it still provides huge savings. This can also allow you to quickly rebuild equity in your home and lower monthly payments.
Alter Loan Terms
When more favourable interest rates are available, homeowners can refinance their loan without effecting monthly payments and negotiate a shorter term. This is a significant benefit to homeowners with a 30+ mortgage and want to find a way to pay off their home faster.
Cash-Out Mortgage Refinance
Cash-out refinancing can help you in two ways: it improves the terms of an existing mortgage and provides a low interest rate, which allows you to use extra funds by taking it out of your home, when you need it.
Benefits of Cash-Out Refinancing Include
- Paying off credit card debt
- Buying a new car
- Home renovations
- Postsecondary tuition
- Provides an emergency fund
Benefits of Traditional Refinancing Include
- Lower interest rate
- Lower monthly payment
- Adjust your loan term
- Change a variable rate to a fixed rate
A mortgage is not set in stone, there is always the opportunity to improve your loan terms to create a secure financial future. With the help of a brokerage like North Creek Financial, you can also reduce your debt.
Keep in mind, refinancing usually costs between 3 to 6% of the loan’s principal. This means savings will not be immediate, but will be your long-term gain. Therefore, if you do not plan to stay in a home for a significant amount of time (15+ years) then it may not be in your best interest.
Ultimately the option between using the equity on your home to increase funds through cash-out refinance or traditional refinancing provides a responsible solution to regain your financial independence.
If you feel you too can benefit from refinancing your mortgage through North Creek Financial, then don’t hesitate to contact us today.
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