According to the Canadian Association of Mortgage Professionals, last year 10% of Canadian mortgage holders accessed an average $49,000 of equity from their homes.
While refinancing a mortgage to pay down debt means you will owe more on your mortgage, you will also free up cash.
Some reasons to Refinance:
- Taking advantage of a lower interest rate
- Asset enhancement
- Debt Consolidation (Credit Cards / car loans / line of credit)
- Combining first and second mortgages
Benefits of Refinance:
- Saving on interest cost
- Pay off your debt faster
- Consolidate your monthly payments into one payment
If you are thinking of refinancing your mortgage, contact us. We can answer your questions, determine your needs and establish what would be the best mortgage option for you. We will guide you through the process quickly and efficiently and we have access to the lowest interest rates.