Refinancing Your Property
There are many reasons you may want to consider refinancing your most important asset. With today’s low interest rates, it may be worthwhile to refinance your existing mortgage to either reduce your monthly payments, or to tap into your home equity to help with your short or long terms goals, including:
- Renovating your home to improve your property value
- Consolidating high interest loans and credit cards into one lower monthly payment
- Investing in your RRSP and using your tax refund to pay down your mortgage
- Paying for your child’s education
- Purchasing another property
If your mortgage is closed and you refinance before your renewal date, you may face a penalty. However, it may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty.
You can also add a second mortgage on your property if refinancing your mortgage is not worthwhile. Our Home Trust Equityline Visa Card is a unique alternative to other second mortgage products, with all the flexibility of a line of credit and all the benefits of Visa. Find out more.
To help you decide if refinancing is an option for you, contact a Home Trust Mortgage Specialist today at 1-855-270-3630 or 416-777-5820. We’re available Monday through Friday from 9 am to 5 pm EST.