There are many great choices for how to consolidate.
- Home Equity Loans & Second mortgages
- Home Equity Lines of Credit
- Refinancing
Homeowners may choose to refinance for a few different reasons:
- Lower mortgage rates save you money every month and mean that you pay less interest over the term.
- Utilizing equity to access cash for potential renovations, starting a business, buying another home, or other projects.
- Consolidate your debt – Homeowners can tap into their equity to eliminate debts and reduce interest rates with a more favorable mortgage.
When you choose to refinance is important. If your mortgage is coming up for maturity (the end of your term) you’ll want to consider accessing equity and lowering your interest rate.
If you’re considering refinancing before your mortgage is maturing, calculating your penalty is important. Doing this can help you decide if that is what’s best for you. Regardless of the penalty, the result may be that your new interest rate and your monthly payment savings outweigh the cost of it over the new term.
Refinancing can also help blend your mortgages. Refinancing is a useful tool if you have more than one mortgage on the property. Our mortgage calculators help us determine your ‘Blended Rate’ and build a new mortgage that makes more financial sense.