Refinancing Your Mortgage
With the interest rates at their lowest point in many years now, is a great time to refinance your mortgage. Many people in the Ottawa area are taking advantage of record low interest rates and refinancing their mortgage. For some people, they are refinancing because their mortgage has come due, for others refinancing can save them thousands of dollars in interest payments.
Refinancing your home is one of the best ways to access money at the lowest interest rate. If you have a major expenses such as a renovation to pay for or have high interest credit card debt, refinancing may be a better option than getting a second mortgage.
Some of the best reasons for refinancing your home are:
- to purchase a second home or income property
- finance the expansion of your business
- home improvements and renovations, this increases the value of your home
- top up your RRSP, which also provides tax savings
- paying off high interest credit debit with a low interest refinanced mortgage, will lower your monthly payments and allow you to pay off this debt faster
- replace a high interest auto loan with low interest funds and improve your cash flow
To determine if refinancing is the best alternative for your situation please call us.