There are three main reasons why you might choose to refinance your existing home loan:
- Lower your rate
You may have had your mortgage for a few years and find that with rates at historical lows it would save you several hundred dollars a month to refinance and take advantage of the current day rates. It’s a good idea to schedule an annual mortgage review with your mortgage advisor to make sure that you always have the best possible mortgage option for your situation.
- Change the term of your loan
You may find that you have a 30 year mortgage, but you would qualify for a 15 year mortgage. Or you may be in an Adjustable Rate Mortgage and be seeking a Fixed Rate Mortgage to give you more stability. Either way your mortgage advisor can review your options and figure out what is best for you.
- Cash Out / Home Improvements
Perhaps your home is in need of a new roof. Or maybe your credit card balances have crept up on you and you’d like to eliminate them. If you have equity in your home you may be able to refinance and take cash-out to get that new roof or pay off your credit cards! For more information on using your homes equity, click here.