Mortgage Refinancing

A refinance is the process of obtaining a new mortgage loan to pay off existing debts. It is done with the purpose of taking advantage of lower interest rates, reducing monthly payments or extending amortization to increase cash flow. By refinancing, the borrower can secure a new mortgage with more favourable terms, potentially saving them a lot of money. There may be fees associated with a refinance such as penalties or notary fees, so all of this has to be taken into consideration to make sure it is worth it.

If someone has a lot of credit card debt, consolidating it into your mortgage has the main benefit of saving you thousands of dollars in interest. It will also boost your credit score as well, making you a more appealing borrower the next time you need a loan.

If the penalty to break your mortgage is too expensive, you can also take a second mortgage.