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.