Refinancing

Refinancing your home means to pull equity out of your home to increase your mortgage amount, taking cash out for personal use. Typically you’ve owned your home for a while and have paid down the mortgage while your property value has increase. We can refinance up to 80% of the value of your home, which would be determined by an appraisal.

Reasons to refinance: -

To consolidate high interest credit card debt or other debt

• To do a renovation to your home
• To make an investment
• To gain access to your equity before retirement when your income is reduced
• To lower your own monthly payment by getting a lower interest rate
• To set up a HELOC (Home equity line of credit) that you can access when you need it and eliminate the need to requalify in the future to access your own equity.
• Separation/Divorce, paying out your ex spouse, paying off joint debt.

Before you refinance, speak to a mortgage broker about how you can minimize penalties by reducing your mortgage amount through prepayment features on your existing mortgage.