Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and arranges a brand new mortgage.
Another simple refinancing scenario is to get a second mortgage behind your existing bank's mortgage.
There are many reasons to why you should consider refinancing your mortgage.
-. Consolidate Debts:
If your monthly bills have gotten out of control, you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments. Valueland mortgage specialists can review your situation and make a recommendation.
-. Refinance a First & Second Mortgage into a new First Mortgage:
If you have two or more mortgages on the same property, you can combine them into a new first mortgage, as long as the total amount does not exceed 80% of the value of the property.
-. Financing a Renovation:
If you plan on major renovations (spending over $10,000), it could be less painful to add to your existing mortgage as opposed to a loan or line of credit.
-. Financing the purchase of other investments:
You can use the equity in your home to finance the purchase of investments, and benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes.
-. Financing the purchase of investment property:
If you have the equity and have a desire to be a landlord, you could take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property.
-. Refinance to get a second mortgage:
In some cases, you may find that getting a second mortgage is a simple and cost effective solution without paying a penalty fee to your current mortgage bank. A line of credit or a private second mortgage can be arranged by Valueland.
To refinance your mortgage, following the links below: