Use the money in your home to pay off high interest debts and be mortgage-free quicker!
Are you comfortable with your payments?
Many people refinance for the simple reason of lowering their interest rate; which means a lower monthly payment. Another option is changing the term of your mortgage; changing the length of amortization or changing monthly payments to bi-weekly payments. You could save thousands and thousands of dollars in interest and own your home many years sooner! On the other hand, if you’ve been feeling financially strapped each month, we could also look at making your payments more manageable.
Do you need cash flow for other things?
Priorities may have shifted since you first bought your home, and your cash flow needs can shift too. Things like paying for a child’s university education, planning for a career change, or a major purchase such as an investment property or vacation property may call for some extra cash. You may be able to draw the equity out of your home to pay for these things at a very low interest rate.
Do you have any high-interest debt?
Credit card debt is often referred to as “bad debt” whereas your mortgage is considered “good debt.” Using your home equity to pay off credit cards or finance other expensive purchases can be a smart move and give you the convenience of having just one convenient, low-interest payment every month. Do you want to re-structure your mortgage?
Most of us were raised with the belief that we should do everything we can to be mortgage-free as soon as possible. The reality is that by doing this, we can’t become rich. By rearranging your current debt and making smart investments, you can turn all of your bad debt into good debt and build your nest egg for the future. Ask about the “mortgage eraser” (or ‘Smith Manoeuvre’ in financial terms)—a method of paying down your mortgage faster while also making payments tax deductible.
Are you thinking about renovations?
You know that projects such as a new kitchen or bathroom always pay off and add considerable value to your home, but the cost of having the work done can tie up a lot of money. If you have equity in your home, consider a HELOC (home equity line of credit); monthly payments are low and give you money on hand to finance renovations.
Are you getting the best rates and terms?
In this competitive and ever-changing mortgage market, your good credit history can make refinancing work to your advantage. We analyze mortgage markets daily to ensure you don’t miss any money-saving opportunities!
The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, I will help you pick the refinance solution that best suits your current financial status. With several years of experience in the industry, I can assist you in getting the maximum out of your decision to refinance.
From consolidating several debts into one, to lowering monthly payments and getting ready cash-in-hand… refinancing was never this easy!