Help us beat cancer. Refinance here.
Through refinancing, you can pay off an existing loan by applying for a new loan. Refinancing can provide access to better rates and features. You can refinance through your present lender or through a new provider. Refinancing is also sometimes called “loan switching” since you are switching from an old loan to a new one.
People refinance for various reasons. Here are the most popular reasons among borrowers:
- Consolidate debt – Consolidating debt is like hitting two (or more) birds with one stone. It’s a strategy used topay only one monthly payment instead of several payments, and thus lowering the overall cost. You can consolidate two mortgages by refinancing both loans into a low-interest mortgage to reduce your repayments.
- Lower repayments– If you are trapped in a high rate loan, maybe it’s time to consider refinancing to lower your repayments. Refinancing is used to get access to lower interest rates. You can compare offers from different lenders through Fight Cancer Home Loans.
- Cash out–Through cash-out refinance, you can use your home equity to fund your financial needs. You can use the money for several purposes such as buying another property or investing. Cash out refinancing is not for everyone, though. It is important that you understand the costs of having a cash-out. Always think long term, instead of today’s convenience. To assess if cash-out is for you, please consult with one of our mortgage brokers.
- Pay off your mortgage faster– The shorter your loan term, the lower your rate will be. You can effectively get interest savings by switching to a shorter term mortgage.