Refinancing your mortgage can help you consolidate debt, take advantage of lower interest rates, cover home improvement or renovation costs, and help you live the life you want.

Benefits of Refinancing Your Mortgage

There are plenty of good reasons to refinance your mortgage. Refinancing can help you:

1. Take advantage of the existing equity in your home

Refinancing gives you the ability to access the equity that has built up in your home.

If you have been making your regular mortgage payments for several years, and over that period of time your home has increased in value, then you may be eligible to refinance your mortgage for more than the amount that you owe. Based on the market value of your home. Example: you only have access to 80%.

For example: If the market value of your home is $500,000 and you owe $325,000, you have $75,000 in home equity. As you make your mortgage payments, you increase your equity.

Refinancing can provide you with the money to improve or renovate your home.

If you’ve been putting off getting new windows, a new furnace, updating your kitchen, or building an addition, then refinancing can help. Don’t put off repairs or improvements that will save you money in the long run.

Improving your home will help to increase the enjoyment of your home and will add value for resale.

2. Cover the costs of home improvements and renovations

3. Purchase a secondary property or cottage

Refinancing will help you access the necessary fund to buy a second property, rental property, or cottage.

If you’ve dreamed of owning a cottage on a lake, been interested in generating cash flow with a second property, or wanted to support your child with a place to live while they go to school, then refinancing can help you achieve these goals.

Refinancing will provide you with the funds to invest in other opportunities.

If you’ve been putting off looking after your future, you can use the funds to invest in RRSPs, RESPs, stocks, bonds, and more. If you’ve always wanted to start your own business, then refinancing your mortgage is a great option.

4. Take the opportunity to make an investment

5. Benefit from education opportunities or help someone through school

Refinancing can help you access the funds you need to go back to school to enhance your skill sets, to help you change careers, or to help a family member pay for university or college.

The expenses associated with everyday life can make it challenging to find extra funds to cover large expenses like schooling. Refinancing can help you makes these goals a reality.

How Fran Can Help

“Whatever your desires or dreams, I can help you assess your current situation and determine the best mortgage refinancing options to meet your goals.”

Refinancing your home offers a lot of exciting possibilities and you want someone who will help you understand your options, so you can make smart choices. Fran will help you get the right refinancing for your life.