Whether you want to renovate or cover unforeseen expenses, help pay for your child’s tuition or consolidate debt, mortgage refinancing is a convenient and cost-effective way to borrow money.
With a mortgage refinance, you can access some of the equity you've built up in your home (equity being the difference between your property value and the amount of your outstanding mortgage).
Make sure to ask us if any interest savings on a new mortgage will offset any penalties if you choose to pay off your current one, early.
Build more equity, faster
Maybe when you took out your mortgage, you were cautious and opted for a longer term and lower monthly payments. Now that you feel more financially secure, you might want to look at a mortgage refinance. Refinancing a mortgage to a shorter term at a higher monthly payment could save you tens of thousands of dollars in interest. You'll also build up equity in your home faster and you'll have all that additional equity to borrow against.
Ease your debt load
You can also refinance your mortgage to free up cash to pay off any high interest debts you have outstanding.
Convert to a variable rate or fixed rate mortgage
Switching to a variable rate or a fixed-rate mortgage can make sense depending on the rates and how long you plan to remain in your current home.
What you'll need to refinance your mortgage
Refinancing requires some preparation and paperwork, but we’ll help you through the process and set you up for success.