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Four Reasons to Refinance Your Mortgage

Cashin Mortgages Inc. –  Oakville Mortgage Brokers.

Working as an Oakville Mortgage Broker for many years I have helped many clients refinance their mortgage. How does it work? Is this something that would benefit you? This is all dependant on your specific financial situation. A professional and experienced Mortgage Broker in Oakville like myself can help you determine if now is the right time to refinance your mortgage. If you are considering refinancing here are four reasons to refinance your mortgage.

Renegotiation the Term

A common reason people decide to refinance their mortgage is to change the term they have on their current mortgage. Switching to a longer term to decrease monthly payments or changing to a shorter term to save money in the long-run are the main reasons why people choose to do so. It all depends on your current situation, what your goals are and what you can afford.

Change the Rate

Your mortgage will have either an adjustable rate or a fixed-rate associated with it. While each is different, each have their own pros and cons. The type of rate you select must be what works best for you. This usually goes hand in hand with the term length on a mortgage and is mostly done at the same time when refinancing.

Cash-out

Another reason to refinance is to pay off some of your debts or if you have unexpected expenses. This does come with the potential downfall of paying more in interest because you would now have more debt on your mortgage after transferring a credit card or line of credit balance to it.
Many reasons exist why someone may want to refinance their mortgage. I see it all the time and it can benefit you in the short and long term. Of course, it is always wise to consult a mortgage professional. If you’re considering this, they can help you determine if it is the best thing for you to do at the time.

As a trusted Mortgage Broker in Oakville I have the right knowledge to help my clients find the right solution for them, it often includes a mortgage refinance. If this is something you think might be good for you, contact me to talk! I always want the best for my clients and together we can find what works best for you.