Mortgage Blog

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Should I Refinance My Mortgage

February 8, 2021 | Posted by: Ask Ana Cruz

Should I Refinance My Mortgage? 

First, what is a mortgage refinance? Refinancing means you are altering your existing loan and creating a new one within the same property.

let’s look at why people refinance. When you break it down, there two main reasons:

1. You are looking for a lower interest rate which equals lower monthly payment and less interest paid.

2. You are looking to borrow additional funds from the equity in your home to either paid down higher interest debts or to purchase a second property. 

If you are curious about refinancing and are unsure of where to start, the first step is to understand what your penalty is going to be. With rates being as low as they are, fixed penalties are at a high. Understating what your fee will be key to insuring this is the best time/move. Once we have the penalty information, we can work out multiple scenarios to see what best suits your needs. 

When speaking with any client, I always want to ensure that I understand whats most important to them. Is it paying off your mortgage as fast as possible? Increasing your monthly cashflow? How our clients answer these questions will determine the end decision, sometimes regardless of the math. The key here is speaking to a mortgage broker (like me) who looks at your situation from all angles and presents you all the facts, good and bad. 

So if you are interested in looking at your options, whether it’s to get a lower interest, and pay that mortgage off faster or if it’s a cash flow decision, I’m here to help. I look forward to helping you with your options. 

Want to connect and review your options?

Email me at ana@askanacruz.ca | Call or text 905-870-0513 

Alternatively our office can be reached via text at 289-769-8864

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