Mortgage refinance is becoming a popular financial remedy, especially for those who are burdened by large monthly installments or multiple debts. Mortgage refinance can prove beneficial in several ways:
- Helps 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 the reduced interest rate.
- Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage
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.
- 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 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.
- 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.
Always A Mortgage Corp. helps you decide whether it is the right time for you to refinance. 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, we help you pick the refinance solution that best suits your current financial status.
Always A Mortgage Corp. offers some of the lowest and most competitive mortgage refinance rates in the market. Regardless of your requirement, whether it is to consolidate existing mortgages or obtain a better rate, we get you the best deal possible. Our experienced mortgage professionals, who have extensive knowledge of the mortgage industry, will provide the necessary guidance that you need in making the right refinance decision
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 to negotiate. However, many prefer to just sign their existing agent’s mortgage renewal form without trying to get a good deal on the new mortgage. This results in a higher rate and a mortgage package that does not cater to your individual needs.
With my expertise in the Canadian mortgage industry, I can help you get the most out of your mortgage renewal. Pay off existing debts, clear high-interest credit card bills, renovate your home and do a lot more after renewing your mortgage. Just fill in this short application form and I will help you find the best terms for your mortgage renewal.