Canadians today face many reasons to refinance their mortgage.
A mortgage refinance is where you are restructuring the setup of your existing mortgage. This is done for various reasons. Some people refinance to access the equity they have built up in their home while others do it restructure their mortgage to be more affordable.
People pull out equity from their homes for home improvements, investments, college expenses, and even high interest debt consolidation. In the past, many saw their homes as a nest egg and a mortgage as a debt burden, yet today, more people are willing to borrow against the equity owned in their homes to further their investment portfolios, get out of debt, send their children to university, make improvements to their home, or even boost their RRSP contributions. Where home equity was once sat upon, today it is often used to one’s advantage.
While removing equity from your home can be a good idea, you should do so with caution and fully understand the benefits and possible risks.
Contact us below to schedule a call to see if a mortgage refinance is a good option for you.