Mortgage Refinance

Mortgage Refinance

There are a number of reasons why you should consider mortgage refinance. This includes to get a better mortgage deal. For example, are their interest rates available that are lower than you currently pay?

You might have a penalty clause with your current lender, i.e. if you break the terms of the mortgage by closing it early you’ll be charged a fee. Even with this fee, however, you might still be able to save money in the long-term if you refinance.

Access Your Home's Equity

Another popular reason for refinancing your mortgage is to access the equity in your home. After all, without refinancing you’ll have an asset on paper, but you won't have access to the cash that it’s worth. Refinancing gives you this option and it’s done for a variety of reasons including:

  • To consolidate debts such as loans and credit card debt
  • To fund home renovations
  • To pay for your child's education
  • To take advantage of investment opportunities
What You Need to Know

One of the things you should consider when refinancing has already been mentioned, i.e. you might have to pay a penalty. There are other things you will have to look at too:

  • Loan-to- value ratio – this is also known as LTV. This is the value of your mortgage in relation to the value of your property. To refinance, this must be 80 percent or less.
  • Legal costs – you will probably have to pay legal costs to change the financing on title.
  • The types of loan available - this includes breaking your existing mortgage contract to get a new one, adding a home equity line of credit, or blending and extending your existing mortgage.

If you want access to your home’s equity, or you want a better mortgage deal, refinancing could be for you.

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