Life happens! Mortgage refinancing can be the answer.

Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, refinancing allows you to pay off your existing mortgage and replace it with a new one.

There are a variety of reasons to consider mortgage refinancing, such as wanting to leverage large increases in property value, taking out equityfor upgrades or renovations, expanding your investment portfolio, consolidating debt, getting a better rate, paying for post-secondary education, managing a divorce or changing your mortgage from fixed to variable (or vice-versa).

Refinancing allows you to access up to 80% of your home’s equity. This can help with reducing financial stress and getting you back on track for your financial future, while still allowing you to manage your current needs. Beyond helping you get a better financial footing, refinancing has additional benefits including:

1. Access a Better Rate: One reason to refinance your mortgage is to get a better rate – this is especially true when done through a mortgage professional such as myself. On average, I have access to over 90 lenders! This allows me to find the best mortgage product for your unique needs.
2. Consolidate Debt: There are many different types of debt from credit cards and lines of credit to school loans and mortgages. But, did you know that these types of debt have much higher interest rates than those you would pay on a mortgage? Refinancing can free up cash to help you pay out these debts! While it may increase your mortgage, your overall payments could be far lower and would be a single payment versus multiple sources. Keep in mind, you need at least 20 percent equity in your home to qualify.
3. Modify Your Mortgage: Life is that it is ever-changing and sometimes you need to pay off your mortgage faster or change your mortgage type. Refinancing can help with this too!
4. Utilize Your Home Equity: If you need funds, you can refinance your mortgage to access up to 80% of your home’s appraised value!

As with everything, refinancing comes at a price! If you think that refinancing your mortgage could be the right solution, it is important to talk to your mortgage professional before making any changes to ensure you are not hit with surprise penalties. Talking to a mortgage broker about refinancing also ensures expert advice, plus access to even greater rates and mortgage plans to best suit your refinancing goals.

Staci James

905-299-8492

ajames@dominionlending.ca

Life happens and so can debt. What you may not realize is just how expensive it can be to carry debt, especially when it comes to the high interest rates on credit cards.

If you have accumulated multiple points of debt from credit cards or loans (such as car loans, personal loans, etc.) and are looking for a way to simplify your payments – and help reduce them – rolling them into your mortgage could be the perfect solution.

Consolidating other forms of debt into your mortgage can help you pay them off over a longer period of time, at a much lower interest rate compared to credit cards. By freeing yourself from these high interest rates and gouging interest payments, you will not only have more money each month but have a better chance of taking back your financial control!

For example, if you have $30,000 of credit card debt, you are probably paying AT LEAST $600 per month – with $500 per month of that going directly to interest. If you let me help you to roll that debt into your home equity and monthly mortgage, your payment will drop to $125 per month, with interest being $70 per month. That is huge savings!  

Not only that, but it is also much easier to manage and pay a single monthly instalment versus half a dozen loans and bills.  

If you are looking for a way to simplify (or get out of) debt, please contact me today! I would be happy to take a look at your financial portfolio and current mortgage and help you come up with the best option to suit your needs.

Staci James

905-299-8492

ajames@dominonlending.ca