Mortgage refinance is becoming a popular financial remedy, especially for those who are burdened by large monthly instalments or multiple debts. Mortgage refinance can prove beneficial in several ways:
- Helps obtain a lower fixed rate
The interest on a fixed rate mortgage that you took several years ago may have dropped drastically. Refinancing the existing mortgage will entitle you to avail of the reduced interest rate. Keeping your payment constant , after you have secured a lower rate will result in a lower amortization and could save you thousands of dollars in interest. If you do not live in Victoria BC -we can still help you. Sykpe appointments are available if you reside out side of Victoria BC
- Convert an Adjustable Rate Mortgage into a Fixed Rate Mortgage
The interest rates on an adjustable rate mortgage (ARM) might be low initially, but the fluctuations are unpredictable. Many find these constant variations in the interest rate taxing and prefer to refinance the mortgage into a secure, fixed rate one. If you are in the last ten you years of your mortgage you may want to consider a 10 year fixed rate – we have some of the lowest rates in Victoria BC
- Consolidating multiple mortgages into one
Paying the installments of two or more mortgages at the same time can be quite a burden for most individuals. The best solution in this case is to consolidate the multiple mortgages into one, with a fixed monthly interest rate and a longer repayment duration.
- Pay off other debts
The proceeds from your refinanced mortgage can be used to pay off credit card bills and other similar expenses. You end up saving a considerable amount. Consider paying off those 18% credit cards – you can then apply the savings to your mortgage principle
- Make cash provisions for emergency situations
You can refinance your existing mortgage to free a larger amount of cash, depending on your home equity. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.
IslandMortgage.ca helps you decide whether it is the right time for you to refinance. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, we help you pick the refinance solution that best suits your current financial status.
IslandMortgage.ca is a website belonging to Maycock and Mots – Mortgage Brokers with Cutting Edge Lending - we are powered by Mortgage Alliance and we are Located in Victoria BC – we offer some of the lowest and most competitive mortgage refinance rates in the market. Regardless of your requirement, whether it is to consolidate existing mortgages or obtain a better rate, we get you the best deal possible. Our experienced mortgage professionals, who have extensive knowledge of the mortgage industry, will provide the necessary guidance that you need in making the right refinance decision