Life happens. Children get married, a vehicle breaks down, you now need that extra room in the basement, someone loses an employment position, and of course, we all know that braces are expensive!
Debts have a funny way of slowly creeping up until one day, you start calculating how much interest you are paying each month of those high balances, and that is it!
Utilizing the Equity in your Home means that you could clear those high balances while not increasing your Monthly Fixed costs and secure a Low Interest Rate while doing it.
We are more than happy to run the numbers to see if Refinancing would make sense. This way, you have all the figures to review in advance and are making the best-informed decision based on tangible numbers! You can potentially save THOUSANDS of dollars refinancing out of a higher interest rate Mortgage into a lower interest rate Mortgage.
A few details on Refinance transactions:
- There are some expenses when Refinancing. The standard ones are an Appraisal Report through one of the Lender’s approved Appraisal Companies to verify the current Market Value (Approx. $350.00 plus GST) and Legal Fees (These can vary depending on the Mortgage Amount).
- We can only access up to 80% of the current Home Value based on the Appraisal Report.
- Consolidating Debt is one of the main reasons Clients decide to Refinance their Mortgage. You can potentially save THOUSANDS of dollars by Refinancing and rolling all of the balances that carry 18.99% Interest Rates into 2.34% Mortgage. This could completely change a household’s cash flow each month, where there are now excess funds to use for Savings and future planning.
