Is Refinancing Right For Me?
With mortgage rates at an all-time low, it’s the perfect time to refinance your mortgage, even if your mortgage term isn’t quite up yet. By taking advantage of the low rates now, you can secure lower monthly payments. This will reduce your financial stress and help you switch to mortgages with better terms and conditions. You also receive the benefit of high-interest debt payouts. Should you be struggling with credit card debt or student loans, a refinance can help you lower your monthly payments and, in turn, free up some money to consolidate your debt.
While refinancing sounds spectacular, there’s this misconception where people believe if their mortgage term isn’t up, they shouldn’t refinance. This is false. You can refinance your mortgage whenever you want to, but you may need to pay a penalty if you choose to do this before the term-end. To ensure that the penalty is worth paying, you will have to check how much you’ll be saving on your new mortgage with low interest. If the savings are more, refinancing is a suitable option for you. For a clear picture of the advantages and challenges, you will face, speak to your mortgage broker, tell them for how long you’ve owned your property or what your rental date is.
If you’re looking for a reliable mortgage broker in Cambridge, ON, to help you refinance your mortgage, reach out to Jodie Erwin today! I am a leading mortgage agent at Mortgage Architects. I provide a wide range of mortgage services from mortgage purchasing to mortgage refinancing, mortgage renewal, mortgage pre-approval, and chip mortgages for clients located in Cambridge, Kitchener, Guelph, Woodstock, and Waterloo, Ontario. I am known for my approachability and authentic compassion. I also promise my clients results that they can count on. The best part about working with me is that my services are available for free. All you need to do is give me a call at (519) 212-7825 or click here to get in touch with me. For details about my mortgage services, please click here.