Quick Look at Mortgage Refinancing

What is mortgage refinancing?

Mortgage refinancing is a common strategy that Canadians use to lower their interest payments, consolidate their debt, save money, or access their home equity.

But is it really a good idea?

The answer is, that it depends on a few factors. Refinancing could save you a lot of money over time, but then again it might not. Or there may be other mortgage strategies that make more sense in your situation.

To determine whether mortgage refinancing is a good idea for you, you should sit down with your mortgage broker and let them calculate a few scenarios for you. In general though, here are a few of the factors you will need to look at in making your decision.

How much interest can I save?

If interest rates have fallen since you applied for your current mortgage, then refinancing could save you thousands of dollars over the time you own your home. And if you are using your mortgage refinance to consolidate high-interest debt, then the savings will be even more substantial.

If you think mortgage refinancing might be for you, you should sit down with an experience mortgage broker to help you make your decision.

To schedule a consultation, contact my office today!

Contact Me Today at www.BramptonMortgageBroker.com Or Call (416) 855-0545 Ext 101

Rumy Gill (Mortgage Broker)

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Mortgage Intelligence Inc. - Lic# 10428

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