With the low interest rates and market situation, I’m predicting a lot of refinances this coming year. Keep your eyes peeled this week for a series of posts where I break down the process and what to expect.
A refinance is where you break your existing mortgage and replace it with a new mortgage with different terms (new amount, new interest rate, new everything).

There are several compelling reasons why homeowners refinance their mortgage:

• To get a lower interest rate
• A much needed financial reset (pay off high interest debt, credit cards etc)
• Renovate (pool, new basement, new kitchen etc)
• Invest in the future (buying a cottage or a rental property)
• Large purchase (wedding, tuition, business)

It’s said that most people change their mortgage every 3.5 years. If you are looking for a cost benefit analysis of your current situation (no cost to you and no obligation), please reach out below: