There are many reasons you may decide to refinance your property. Perhaps you want to take advantage of lower interest rates, make some investments, buy a second property or start a business. Whatever the reason, borrowing against your home is an excellent way to access money, as mortgage interest rates are significantly lower than other means of borrowing.
Interest rates in Canada are at one of the lowest points in decades, but that doesn’t guarantee they’ll stay there. If you have been considering refinancing your property, now may be the right time to do so. By refinancing your mortgage now, you may be able to:
- Lower your monthly payment
- Consolidate your consumer debt – lower interest expense and increase your monthly cash flow
- Reduce your amortization and pay off your mortgage years sooner, or extend it to manage monthly bills easier.
- Save thousands in interest over the life of your loan.
- Start a business, take a trip, pay for University or College… It’s your money, you decide.