Your property has most likely increased in value since its purchase. You can take advantage of this gain to renovate, consolidate your debts to reduce monthly payments, invest, or make your dreams come true. Use your increased home equity to refinance, thus securing a lower interest rate that will help you to realize these projects.
We have a vast array of products available from our associated lenders that will allow you to pay back your mortgage loan at a pace that suits you best. An equity line of credit will help you to choose the mortgage payment amount yourself.
You can borrow up to 80% of the market value of your condo, duplex, detached home, less your mortgage balance as well as for an owner-occupied three or four unit property, and for multi-unit buildings of 5 units or more. Thus, refinancing allows you to take advantage of your equity to invest in other projects or simply live life fuller!
Reasons to refinance:
- Renovate or redecorate your home
- Invest in a cottage, pied-à-terre, or other property
- Buy a car, boat or other vehicle
- Ensure your children’s education
- Make wise investments
- Contribute to your RRSP
- Consolidate your credit card debts and lower your interest rate
Having a set monthly payment will protect you from rate increases. You can do this by transferring the complete or partial balance of your equity line of credit to a fixed interest rate mortgage.
Feel free to contact us today to find out about all your available options.