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Mortgage Refinance

OLYMPUS DIGITAL CAMERAMortgage Refinance is a concept used to relieve one from financial debt. It means to pay off an existing loan and replacing it with another. It is important to decide when to refinance your mortgage and whether it will provide true benefit. Here are the main ways it can be beneficial to you:

Helps secure a lower fixed rate

One of the main reasons why people refinance a mortgage is to lower the interest rate. The interest for a mortgage taken several years ago may decrease substantially in recent time. Mortgage refinancing will help you take advantage of that decrease.

Incorporate all mortgages into one

Having to constantly pay multiple mortgages can be irritating and a burden on many. Mortgage refinancing helps you merge all the mortgages into one, with a constant monthly interest rate and an extended repayment period.

Change from an Adjustable Rate Mortgage to a Fixed Rate Mortgage

Interest rate for an adjustable rate mortgage can be low when taking the mortgage but fluctuate greatly over the course of the mortgage. Some may find the fluctuations to have a negative impact and choose to refinance their mortgage into a steady fixed rate mortgage.

Obtain cash backup for emergencies

Refinancing your mortgage can result in proceeds used to obtain cash, depending on your home equity. This cash can be kept as an emergency provision during a time of financial instability. As a secured loan, the interest applied for mortgage is much lower than the interest of an unsecured loan.

Consolidate other debts

The cash proceeds from your refinanced mortgage can also be used to consolidate other debts such as credit card bills. The interest charged on mortgage is 100% tax deductible and can help you save a considerable amount.

Let Denikings Insurance and Investments Broker guide you through the process of insurance refinancing. It can be hard to determine whether it’s the right time for refinancing and refinancing at the wrong time can lead to greater debt. We will perform an analysis of your financial situation and the status of your current mortgage(s) and guide you in the best direction.


Disclaimer: Insurance, Investment and Mortgage products & services are provided by Devangkumar Shah.
Mutual Funds license sponsored by Shah Financial Planning Inc.
Lotus Loans and Mortgage ltd. is the principle mortgage broker.

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