MORTGAGE REFINANCING In Edmonton
Don’t Throw Away Your Equity! Mortgage Refinancing Can Put The Money In Your Home To Good Use
When you purchase a house, you essentially borrow money from the bank or other lending institution to make the purchase. If you’re like most people, you probably have some other debts that are costing you more in interest than your mortgage payment does. The good news is that with your home equity, you can do mortgage refinancing and use the money to pay off those high-interest debts and be mortgage-free quicker!
You can refinance up to 80% of your home’s value quickly and easily to pay off high-interest credit card debt that has caused your cash flow to slow to a trickle. Worried about penalties? Don’t think it can make much difference? Think again.
By using your home equity to consolidate your debt, you can improve monthly cash flow, have one easy payment, and be mortgage-free quicker.
But first, what is mortgage refinancing?
If you own a home, you may be able to refinance your mortgage, which is just a fancy way of saying that you can take money out of your home and use it for other things. While some people think refinancing is changing their interest rate or loan terms, that’s not always true.
If your credit score has improved since you bought your house, it’s possible to get more cash out than what you paid for your home. That’s because your home may be worth more now, then it was on the date that you purchased your home as real estate has a history of increasing in value.
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Mortgage Refinancing can save you money!
Most homeowners are aware that they can use their home equity to consolidate high-interest debt or cover medical expenses. But did you know you can also refinance your mortgage to save money on your current loan? Mortgage refinancing is often misunderstood as an act of moving from one home to another.
However, it can actually be a powerful tool for reducing your monthly payments, freeing up cash or helping you pay off high-interest debts such as credit cards.
Typically, you can refinance for these reasons:
- You’ve been approved for a lower interest rate than you’re currently paying;
- Your credit has improved since your original mortgage application;
- You want to unlock home equity by taking out a cash-out loan (where your lender gives you all or part of your equity in cash).
Do you want to obtain a lower interest rate? Mortgage refinancing!
Is your mortgage interest rate higher than what is available now? It’s time to consider refinancing your mortgage! If you have a mortgage and also have high-interest debt, it’s time to consider refinancing your mortgage! If you’re paying off high-interest debt, such as credit cards or a personal loan, then you’re essentially wasting valuable equity in your home. Mortgage refinancing is a great way to take advantage of any savings you see from lower interest rates and put that money to good use.
Do you want to shorten the term of your mortgage? Mortgage refinancing!
Shortening your mortgage is a great way to save money by reducing interest paid overtime. And, as an added bonus, you could sell your home before your reduced mortgage term is up and actually come out ahead. Most experts recommend refinancing if you have at least 20% equity in your home.
It can be a good idea even if you have less than that–especially if you’re paying high-interest rates for credit card debt or car loans. However, keep in mind that it’s often wise to wait until after rate-lock dates expire before considering refinancing–you don’t want to risk losing a low rate on your current loan just because someone beats you to refinance.
Refinancing can be a great financial move to build equity quicker!
If you’re like most people, your house is one of your largest assets. And, if you have a mortgage on it, it may also be one of your highest-interest debts when looking at what you will pay over time. While some people are hesitant to do mortgage refinancing because they’re worried about lowering their credit score or making their debt more expensive in general, refinancing can be a great financial move.
How do you get started?
First, we will determine how much equity you have in your home. If you’re still paying on your mortgage, do a quick calculation to find out what that amount is. Divide what you owe by your home’s current market value to figure out how much money could be freed up.
Next, we will figure out how much additional cash flow you’d need from refinancing to achieve your goals, whether it’s a new car or an early retirement.
Do You Have Further Questions On Why You Should Take Advantage Of Mortgage Refinancing in Edmonton? Read my blog by clicking here.