Refinancing your Home
Refinancing allows you to get a new mortgage to pay off existing debt and or pull out new funds to take advantage of lower rates and equity that has built up in your home.
The reasons for borrowing can be endless:
- Debt consolidation or wanting a Home Equity Line of Credit (HELOC)
- Home renovation
- Once in a life time trip
- Purchasing a condo in Florida
- Purchasing an apartment for your child to stay in while at university
All of these are options may be available with the equity in your residence.
The equity in your home is likely the least expensive way to borrow money today. As the lender is securing your personal residence they will offer the best rates of any credit vehicle available. Whether it is a secured line of credit or a fixed rate mortgage, you can access up to 80% of your properties appraised value, less what you currently owe against it.
Refinancing allows access to up to 80% of your properties appraised value.
I believe the more you know and understand about mortgages, the less worry you will have.