Refinance your mortgage to consolidate debt

Another reason you may want to look into using the equity in your home is to refinance to consolidate your debts that currently have high interest rates, example credit cards and loans.   You can be paying over 20% interest on your credit card outstanding balance.  You can substantially reduce your overall monthly debt obligations and have some excess funds to either use for other things, reinvest or apply it against your mortgage taking advantage of your pre-payment privileges offered to you by the Lender.    This is only going to work if you don’t go out and reuse your credit cards to the point you are unable to pay off the balance in full monthly.   Always have a mortgage broker look at your current mortgage situation to advise if refinancing your mortgage is the best scenario for you.

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More good reasons to Refinance your Mortgage now

More good reasons to Refinance Your Mortgage now:

 

Interest rates are currently at a historic low  heading into 2012.  For example 4 year fixed rates are at 2.99% currently,  but not for long.  Refinancing your mortgage could open up a lot of new doors for your children, family or just you! To give you an idea on the savings every month you could be making, here is a simple example; with a mortgage balance of $300,000, and an amortization period (the length of your mortgage) of 25 years, with an interest rate of 5.50% your monthly payment would be $1831.17, but with an interest rate of 3.75%, your monthly payment drops to $1537.67!! That’s close to $300 less interest! That money can be used towards things like  extracurricular activities, family outings, put away into investments, for holidays or put right back towards your mortgage to become mortgage-free sooner!

 

 

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Refinance your Mortgage to Travel

Tis the season to get away from the cold, wind and snow.  Well here in GTA we haven’t had alot of snow this winter, but the cold can still chill your bones.  Besides the February Blues are around the corner due to lack of sunshine.  We all could do with a bit of warmth and sun in our lives come Feb/March.  March break is another good time to travel.  With today’s low interest rates ex. 4 year fixed rate at 2.99%, it might be a good idea to discuss with a mortgage broker (preferably me 🙂 🙂 🙂  if it is a good time and worth the savings for you to look at refinancing your mortgage.

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Refinance – Lower Mortgage Rates

Three Guidelines to consider refinancing when rates are lower than your current mortgage rate:

1. When you’re lowering your interest rate enough to make a significant difference in your monthly payment and you’re not adding more than five years to your loan…For most people, $200 a month in savings is significant.

2. When you’re significantly decreasing your loan terms. The important principle to remember is that, in loans, time is your number one enemy, not interest rates.

3. When you need a one-time only debt consolidation to lower your interest payments and improve cash flow.

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Reasons to Refinance Your Mortgage

Reasons to Refinance Your Mortgage

There are many reasons you might want to consider refinancing your mortgage.  I will list them below and then elaborate over the next week or so on each one:  With today’s lowest interest rates in history, it is a good time to do a Mortgage Check Up!

Lower Mortgage Rates

Travel

Buy a large item, like a 2nd home, cottage, rental property as investment, vehicle, boat, start a business, investments

Renovations

Consolidate Debts with high interest rates

Buyout a spouse in a divorce settlement

 

 

 

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Why now is the time to Refinance

Do you have credit cards, loans and debts with high interest rates?  Not fun wasting away our money on high interest payments which are only going towards the creditors and should be going into our own dreams and future.  Right now mortgage rates are at a all time low again, and not sure how long this will last.   If you have a current mortgage and equity in your home, don’t be afraid to look into refinancing at a lower mortgage rate.  You may have to pay a penalty to break your current mortgage, but it might be more than worth it in the savings you will make with today’s lower rates and consolidating your high interest debts into a new lower rate mortgage.  It doesn’t cost you to look into it, or better yet ask a mortgage broker/agent to do the work for you at no cost to you and it will save you time and aggravation.   Don’t dream it, do it!!!!!!!

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