Refinancing Your Mortgage
Refinancing a mortgage is basically the process of paying off the current mortgage and replacing it with a new one. There are several reasons why homeowners would want to do a refinance. These include:
- Apply for a better interest rate,
- Apply to increase the mortgage, (to use some home equity or consolidate debts)
- Apply to change from a variable rate to a fixed rate or vice versa,
- Or to just change from one lender to another.
Refinancing your mortgage can have benefits and downfalls. The downfalls can include additional costs for ending your current mortgage pre-maturely, such as a payout penalty, or costs incurred to take on the new mortgage, such as appraisal costs or lawyer fees.
When doing a refinance, it’s important to take into consideration all these factors, to make sure you are getting the deal you want. This will vary depending on the reason for refinancing. Some customers are happy to pay a payout penalty with their current lender, as they will save more with a lower interest rate, or perhaps they just need the extra money.
Either way, the best advice we can give is to discuss your situation and what you are looking for with one of our mortgage specialists. We can work out for you what the financial pro’s and con’s are of doing the refinance, the costs, the savings, and make recommendations for you that will help you with your decision making process.
Once you have all the pertinent information, which we can provide, you can make a more educated decision, and feel confident you are doing the right thing. Some good advice can go a long way to saving you a lot of money.
For information on rates and to see if you qualify, please call us today at 403.284.4000.
Contact Us
600-602 12th Avenue SW
Calgary, AB
T2R 1J3
Toll Free 877.284.4009
P 403.284.4000
F 403.284.4010
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