Refinancing your Home
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Call us at (289) 800 – 9620
What you need to know about Refinancing your Home
Now is a great time to refinance your mortgage with mortgage interest rates at historical lows. You can typically refinance up to 80% of the value of the property Here are just a few reasons you might want to consider refinancing:
Debt Relief with Reduced Monthly Payments
Canadian consumer debt amounts are at all-time highs. Debt with high-interest rates and more frequent compounding periods makes it difficult to pay off. This includes debt such as credit cards, loans and lines of credit. Increasing the amount of your mortgage might seem illogical, especially if you have focused so much on paying it down as fast as possible but increasing your mortgage amount in order to pay off high-interest debts will save you thousands in the long run. We have some amazing tools & spreadsheets to help you strategize on how to pay off higher-interest debt.
Consolidate high interest credit cards and other loans into ONE much lower rate and monthly mortgage payment can ease financial pressure and provide a disciplined approach to debt repayment. Mortgage refinancing will help you save money, increase your monthly cash flow and eliminate the stress of making multiple loan payments.
Investing your money in Real Estate is a great long-term investment opportunity. One of the strategies you can use to buy investment properties is to use equity in your current home.
As long as the values and debt obligation make sense for your family, this can be an excellent opportunity to grow your wealth and provide you with a monthly income. Click here to find out more about Real Estate Investing.
RRSP Top Up
Did you know you can use some of that equity in your home to top up your RRSP? An awesome tool to help you grow your savings, while also receiving an income tax credit!
Lower Interest Rate
When your Windrose Group Mortgage Professional reviews your current credit rating and debts, there might be an opportunity for you to take advantage of your credit score improvements to refinance an existing high-interest mortgage to a lower interest rate. A great opportunity to reduce your monthly expenses!
Big Ticket Purchase
Refinancing your home can give you the money to buy a big-ticket item at a lower interest rate than more traditional financing e.g. auto financing, or personal loans etc.
A refinance can free up the capital needed to finance tuition for a child’s education and expenses.
Build Home Equity
If a recent change in your financial situation has made it possible for you to increase your monthly payments, you might want to refinance your mortgage with a shorter term. The higher payments will enable you to pay off your home more quickly and to save substantially on long-term interest charges.