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Home Refinancing

Should you consider Refinancing? Mortgage Rates are Enticing.

Record low interest rates make this an ideal time to consider Mortgage Refinancing. Lower your payments and access your home’s equity with a refinancing mortgage strategy. There are myriad ways to accomplish a home refinancing plan. An accredited mortgage professional can help you to explore and understand your home refinancing options.

Refinancing Home Mortgage Options

Refinancing mortgage tools include a range of home equity loan strategies. Whether you use a second mortgage, a home equity line of credit (HELOC) or do a full, first mortgage refinancing, the opportunities available can have huge benefits.

This is where refinancing home mortgage professionals come in to play. CMI brokers will help you to navigate the plethora of refinancing strategies out there.

Mortgage Refinancing – The Basics

Perhaps the most straight forward remortgage strategy is a full, first mortgage home refinancing. Canadian mortgage rates are so attractive that many homeowners are considering this option which entails paying off your previous mortgage loan with a new first mortgage. Important considerations to take into account include:

  • What are the fees, expenses and pre-payment penalties entailed in refinancing? How much lower rates are needed to justify refinancing your existing mortgage?
  • If you are considering home improvement loans, do you take out a second mortgage or refinance the existing balance in your first mortgage and pull out additional equity?
  • When home refinancing, how long should you re-amortize? You can extend the term to lower monthly payments or shorten the term to reduce interest expenses and pay the mortgage off sooner. What makes sense for you?
  • If you are refinancing with bad credit, you may not get competitive rates. In such a case, a second mortgage strategy may be preferable.
  • Even reverse mortgages are a kind of remortgage strategy, albeit a high risk and complex one. You should consult with an accredited mortgage professional before doing this.

Homeowners today should definitely consider refinancing. Home mortgages, however, are sophisticated financial instruments. Whatever your circumstances and goals, talking to a home refinancing professional needs to be a central part of the process. That’s where CMI Brokers come into play.

Is Refinancing for You?

Whether you are a business owner seeking capital for your small business or a homeowner look to lower your monthly expenses, refinancing home mortgage strategies need to be seriously considered. Talk to a CMI broker today to determine your options and the implications of a mortgage refinancing strategy for you.