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5 Reasons Why Refinancing your Home is a Good Idea
July 18, 2022 | Posted by: Marc Crossman
Thinking of refinancing your property? Find out why it’s a good idea below.
What is Refinancing?
Refinancing is when a bank or finance company buys out the mortgage on your property. Consider who you work with, as you want someone that won’t stick you with higher interest rates than before.
Lower Interest Rate
By refinancing, you can make use of potentially lower interest rates. Of course, the rates differ per finance company or bank you’re working with. Remember to look around to snag the best deal.
Lower Monthly Payments
When going for the new loan, you could go for a payment period that would be longer than the original. This would result in the primary payments every month being more affordable.
Predictable Payments
If your original loan was an adjustable-rate option, meaning the sum you pay each month differs; a refinanced loan could be a fixed rate. Resulting in knowing exactly how much you’d have to pay monthly.
Get Rid of Debt
The cash you receive can be used to get rid of other debt, not just your original mortgage. The interest rates on them are low in comparison to credit cards and other means of borrowing.
Remove Someone from the Mortgage
Unfortunately, you’re going through a divorce. Your ex’s name was on the mortgage. You don’t have to worry if you refinance it; you could just add your name or someone else’s.
Call us today to get started at 780 701 3888 or email marc@albertamortgagepros.ca
Full article here: https://queenscitizen.ca/2021/02/12/5-reasons-why-refinancing-your-home-is-a-good-idea/
