Does it make sense to refinance your existing mortgage?
Yes! There are some circumstances when refinancing your home mortgage may be helpful.
MYTH: Now is not the right time to refinance.
TRUTH: This depends on your individual situation. For example: Say you didn’t get the lowest rate available when you took out your mortgage due to your credit score. Your score has since improved, so it may be worth a refinance to secure a lower rate now.
MYTH: Refinancing is only about getting a lower rate.
TRUTH: There are many other reasons to refinance, such as:
- Reduce the length of a loan
- Take cash out to pay off debts, do renovations, property investment
- Eliminate the cost of private mortgage insurance
- Change interest rate to either Fixed or Variable
MYTH: You’ll lose some of your home’s equity.
TRUTH: Only true if you take out cash when you refinance. If you do any of the below, you will NOT change your home equity:
- Lower the interest rate
- Drop the mortgage insurance
- Reduce the mortgage term
Need cash now? Age 55+? You also have the option to pursue a reverse mortgage. See my previous blog post for more details.
If your ready to explore your options, I have you covered, with access to traditional lenders (banks), as well as alternative lenders. So get in touch!
604.799.8133
mortgagesbyamytatla@gmail.com