Mortgage refinancing refers to the process of renegotiating your current mortgage agreement.
Mortgage refinancing allows you to pay off your current mortgage and replace it with a new one, offering an opportunity to take advantage of lower interest rates, access equity, or consolidate debt.
In Canada, government policies restrict refinancing to a maximum of 80% of your home's value, but this limitation doesn't pose a problem in cases of home value appreciation.
Explore the benefits of mortgage refinancing and leverage our expertise as top mortgage refinancing lenders to make the most of your homeownership journey. Discover competitive mortgage refinance rates and learn about eligibility requirements and the mortgage refinance process. Experience the ease and advantages of mortgage refinancing with Bennett Capital today.
WHEN SHOULD YOU CONSIDER
There are many reasons to consider a refinance, here are some instances for mortgage refinance eligibility:
Leverage large increases in your property value and want to do some upgrades or renovations
Use your equity for investing in real estate or investments with your financial planner
Consolidate your debts which are higher interest, like lines of credit or credit cards
You have kids headed to College or University and you would like to assist with buying a home or paying for their tuition
Matrimonial splits or separations, divorce
Refinancing for lower interest rates or changing from variable to fixed mortgage or vice versa
Wanting to add a home equity line of credit to allow you to invest, or renovate
Call us to review your refinance or debt consolidation situation.
The most important thing to understand about mortgage refinancing is that if you opt to refinance during your term, it is considered to be breaking your mortgage agreement.
With a contract, when you break it, there are penalties depending on the lender and the type of mortgage. If you are coming up for renewal, this is the ideal time to entertain refinancing.
