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Refinancing is the process of changing your current mortgage for one that offers better terms or interest rates. There are several reasons that you may have decided to refinance your mortgage.
Interest rates may have dropped and the saving that can be made by renegotiating your Barrie mortgage may be greater than the penalties that you will pay for breaking your current contract. This is especially so if you have managed to improve your credit rating.
The penalty for a variable rate mortgage is three months interest and for a fixed rate mortgage is will be the greater of the interest differential or three months interest. Even a small saving in interest can make a massive difference over the term of the mortgage. Homeowners can refinance their mortgages to reduce the term and save money and many may be locking into fixed-term mortgages.
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Accessing equity in your Barrie home
You may wish to access the equity in your home. You can use up to 80% of the equity in your home to gain funds for renovations, education or debt consolidation. You can do this by breaking the current mortgage, extending and blending it or applying for a HELOC.
If you decide to go the HELOC route you can apply for 65% of your home equity. Home equity is the difference between the market value of the property less the amount that you owe in mortgages. The equity in your home can help you to save thousands in interest when you consolidate your debt, paying off the more expensive loans such as credit cards and motor vehicle finance.
Alternatively, you could increase the market value of your home by using the equity to obtain a mortgage for renovations. It is also a great way to obtain finance to invest in another property.
You may choose to blend and extend your mortgage which is basically combining your current mortgage and then adding the new mortgage to it at the current interest rate. Blended rates tend to be higher than current mortgage rates. so you need to compare with the costs of breaking your current mortgage.
Get advice from a broker
Refinancing your mortgage does come with costs so consult with the trained staff at Certified Mortgage Brokers in Barrie before you sign on the bottom line. We can help you to determine how much equity is available to you and calculate costs. We can also put you in touch with one of the many mortgage providers with whom we deal.
Despite the costs of breaking an existing mortgage and refinancing a new one, you could still save substantially over the longer term by refinancing for the right reasons. What is of relevance here is the length of time that it will take you to start seeing savings from your new mortgage.
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