Canadians today face many reasons to refinance their mortgage. The process of refinancing is significant, much like obtaining your first mortgage. At Sandhu & Sran Mortgages in Abbotsford, we ensure that your refinancing solution is handled with the same care and precision.
Perhaps you have been working at improving your credit score, and you now qualify for a new mortgage with a better discount; this can save you thousands of dollars over time. Sometimes, the economy will offer a good reason for refinancing; you may consider stabilizing your payments by changing from a variable rate mortgage to a fixed-rate, or vice versa. If you are paying two mortgages at once, refinancing can consolidate your debt into a single mortgage for a longer-term.
Refinancing is also a good option to pull out equity from your home. Many people refinance to consolidate debt, renovate their home, free up some emergency funds, contribute to other investments, or pay for education.