Canadians will typically refinance to consolidate and payout debts, improve cash flow or to access home equity for investment opportunities and/or renovations. A mortgage refinance can be done on your maturity date or prior depending on the situation. A mortgage refinance may entail staying with your existing lender or switching. Either way, it is important to speak with a mortgage professional to see what your options are and to ensure it is beneficial to your financial situation.
Here are just a few mortgage refinance scenarios to consider:
- Debt consolidation to lower your overall cost of borrowing and improve monthly cash flow.
- Equity take out for investment opportunities, renovations or other circumstances.
- Spousal buyouts in the event of a divorce/separation.
- Having access to a home equity line of credit.
- Refinance plus improvements mortgage.
- Switching lenders and breaking your existing mortgage for better cash flow, extending amortization and lowering our interest rate
- Credit repair including paying out a consumer proposal.