Mortgage Refinancing Can Be an Effective Financial Strategy
When people hear that someone has refinanced a mortgage, their immediate thoughts may turn to situations of personal misfortune or poor money management; in other words, any report of refinancing might be viewed as a step that is forced upon an individual when they cannot meet their current loan or mortgage payment responsibilities.
And while this latter scenario can/does exist in life, it should not cloud the many positives or advantages that can result from proactively refinancing a mortgage. In fact, taking such action can be an effective financial strategy – provided it is done in the right circumstances and with the assistance of an experienced brokerage like Mortgage Alliance Accumetrix.
Your home is most likely the biggest and most valuable of your financial assets; therefore, it will be extremely important to consider all aspects of mortgage refinancing, as they pertain to you, before making any decisions. The professionals at Mortgage Alliance Accumetrix are well-informed in such aspects and will help ensure your understanding of the various options and parameters in selecting the solution that is right for you and your family.
Ensuring a Mortgage Refinancing Solution that is Personalized to Meet Your Goals
In principle, refinancing means changing the terms of your existing mortgage for another mortgage that is tailored to address or match changes that have taken place in your life. There are several reasons to consider such a strategy, including:
- Consolidating high-interest debt with low-interest equity
- Increase net worth by accessing the equity in your home
- To provide financial assistance for family or friends in need
- Funding major home renovations or purchases (cottage, boat)
- Supporting/investing in your children’s post-secondary education
- Breaking an existing mortgage in order to get a lower interest rate
- Taking advantage of a lower interest rate to increase your cash flow
When considering and developing a mortgage refinancing plan, there are several factors that must be taken into account to ensure that the solution is tailored and personalized to achieving your goals.
In consultation with a refinancing specialist from Mortgage Alliance Accumetrix, you will discuss and examine a range of dynamics including but not limited to:
- Cash flow needs
- Interest rate trends
- Changes to your credit rating
- Eligibility for a lower-rate mortgage
- Cost of refinancing versus long-term gain
- Remaining with/switching from your current lender
Mortgage refinancing is a significant step that requires a significant investment of time and deliberation before making a final decision; but a well-researched and informed decision can lead to substantial benefits for you and your family.
For additional information on the value of mortgage refinancing and whether this is the right option for your financial situation, call Mortgage Alliance Accumetrix at 905-780-0908 or contact us to request your no-obligation consultation.