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1. The opportunity to obtain a lower interest rate

2. In order to access equity in your home, to purchase a rental property, second home for a family member or a cottage.

3. Refinances can also be used to access the equity in your home to do renovations, install a pool etc.

4. Refinaces can be used to consolidate debt, to pay off credit cards, loans or lines of credit that usually are charging higher rates of interest.

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Refinancing can cost between 2% and 4% of the mortgage loan's balance. This cost would include a penalty payable to your financial institution, an appraisal may be needed, title search and lawyer’s fees are payable. It is important to determine whether the reason for refinancing offers a true benefit, this is where we can help. We would do the calculation whether it make sense to refinance or if it would it be more beneficial to put a second mortgage behind your existing mortgage? Call us today to help you make this decision!