HOME REFINANCING

Help stabilize mortgage payments, or pull equity when consolidating debt or making home improvements.

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HOME REFINANCING

Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better discount, or you may want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Refinancing is also a good option to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

Home Refinancing Information

Canadians can borrow against their home’s equity. Home equity is the value of ownership built up in your home or property that represents its current market value, minus any remaining mortgage payments. This value is built up over time as you pay off the mortgage and when the market value of the property appreciates.

While removing equity from your home can be a good idea, you should do so only when fully understanding the benefits and possible risks. Consult a licensed mortgage professional and financial planner to discuss opportunities to make your home’s equity work for you.

Canadians have chosen to pull out equity for home improvements, investments, college expenses and even high interest debt consolidation. More than ever before, they are willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions.

There are various reasons to renovate your home: to save on utility bills, make room for your growing family, improve safety, increase the resale value of your home, or to bring a new look to your home.

Across Canada, renovation grants and rebates may be available from federal and provincial governments, especially for energy-saving renovations. If you qualify, they may help pay for some of your project costs. Discuss the different ways to finance your renovation plans with your mortgage professional.

A reverse mortgage provides income that Canadians can tap into for their retirement. A homeowner, can borrow money against the value of their home. No repayment of the mortgage (principal or interest) is required until the borrower dies or the home is sold. This is a mortgage option for homeowners with less than a perfect credit score and can be discussed with your mortgage professional.
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Max can help understand your financial needs and find the best solutions for your financial future and home.

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