There are many different kinds of loans out there, and there are a lot of ways people can get the money they need in order to meet their financial or budgetary goals. Refinancing is simply another one of these tools. Essentially, mortgage refinancing is paying off the existing mortgage in full and then setting up a completely different new mortgage.
Making the decision to refinance may be a difficult choice for some homeowners. This decision should be based on a variety of factors and each one should be considered thoroughly. If current mortgage rates are lower, or there are new mortgage solutions available, then it may be worthwhile to contact us at OE Mortgage. We will gladly provide you with a calculation to see if you can save by switching your existing mortgage. When you work with us, we take you through this process to ensure that you make the best choice possible when it comes to your financial well-being.
It is a good idea to review your mortgage at least once a year. Each year, residents of the Greater Toronto Area waste thousands of dollars on excess interest payments, when they could have saved that money by doing a quick and simple annual review. Smart homeowners consistently work with a mortgage broker to effectively manage their mortgage over time, until their home is paid off in full.
There are several reasons why people choose to refinance. Primarily, homeowners choose to refinance because they can qualify for a better rate, and as a result save on their mortgage interest payments. Another major reason is to withdraw equity out of the home for personal use.
For example, if you paid off 50% of your home and you want to re-invest 25% into another real estate opportunity, you can do so by taking that equity out of your home through mortgage refinancing and use the newly available funds as a down payment for your new property.
Regardless of why you choose to refinance, you need to remember that it is necessary to review your mortgage on a regular basis and understand what new solutions and mortgage products are available on the market. To make it easier for our clients, we at OE mortgage always track new mortgage products and rates. So when a new solution comes out, and it makes sense to refinance we automatically contact our clients.
To find out if you qualify for a bigger, better deal, click here for an over-easy mortgage solution!
If you ever have any questions regarding the mortgage process or about obtaining your first mortgage, we encourage you to contact us here by phone at 1-855-327-9079.
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