There are three main reasons why someone refinances their mortgage:
In a fixed mortgage you will likely face a penalty to pay out an existing loan. Make sure to contact your bank for any information on pay out penalties. If done properly, I can refinance your home and use my Inflation Hedge Mortgage Strategy to save you thousands of dollars on your mortgage.
Refinance Your Mortgage in Kingston
Refinancing a mortgage means paying off your existing loan and replacing it with a new one. There are many reasons to consider refinancing your mortgage and they each come with their own unique benefits and risks.
In many cases, people will choose to refinance their home to improve the current mortgage they have. This includes obtaining a lower interest rate, as a way to shorten the term of the mortgage, to switch from an adjustable-rate mortgage to a fixed-rate mortgage or vice versa.
Other people choose to mortgage refinance as a way to tap into their home’s equity. This cash can be used to help finance a larger purchase like a second home, cottage or new vehicle. Others use it to pay off debts or renovate their home.
Securing a lower interest rate is not without its risks. If you choose to refinance your mortgage, it can cost you 3-6% of the loan’s principle. It also requires appraisal, title search and application fees. If you’re starting to think about refinancing your mortgage in Kingston, I would be happy to assist you with the process. I’ve have helped many families throughout the area and in many cases, been able to help them secure refinance rates lower than the original mortgage interest rates.
3 FINANCE MORTGAGE TIPS
Mortgage Refinance Tips
Each year, about 1 in 6 people will refinance their mortgage. This can be a risky move and sometimes people will pick the wrong financing. If you plan to refinance your mortgage in Kingston this year, I strongly suggest speaking with a trusted mortgage professional who can explain each of your options.