Refinancing involves renegotiating the current mortgage on your home to acquire equity or to benefit from lower interest rates. Refinancing can help to consolidate debt, car loans, student loans and help with expenses such as education, renovations or even use the equity take out to buy an investment property.
In many financial situations, a refinance is a great way to save money. However, a refinance may not be for everyone. If you are currently in a fixed-rate mortgage, you may have to consider the penalties.
When considering a refinance, evaluate your credit score and debt. A lower debt-to-income ratio and a higher credit score can help you get a lower interest rate.
Ask yourself this question:
How much money can I save by refinancing my mortgage?
To know whether a refinance will work for your unique financial situation, contact Dhugga Mortgages to learn what options are best for you.
Jaspreet Dhugga – Mortgage Broker