Why Would You Consider Refinancing Your Mortgage?
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance:
- To obtain a lower interest rate
- To shorten the term of their mortgage
- To convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, or vice versa
- To tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debts
Since refinancing can cost between 3% and 6% of a loan’s principal and—as with an original mortgage—requires an appraisal, title search, and application fees, it’s important for a homeowner to determine whether refinancing is a wise financial decision.
Refinancing can be a great option to saving money each month on your mortgage. We can help get this done!
Contact Adnan at: +1 (416) 558-8810 | adnan@bmtgg.ca | Book a Meeting