Want better rates? Refinancing your mortgage can help you reduce your costs and master your finances! Read on to know more.
Whether your mortgage plan had the best rate at the time or it was a flexible one, there is always a Markham and Pickering lender offering a better one at some point during the course of your mortgage. How do you make the most of it? By refinancing!
What is mortgage refinancing?
Mortgage refinancing is great way to restructure the way your mortgage works for better payments. It helps you keep your rates stable and can even help reduce your monthly bills. This can be a great way to keep your finances and credit in a good position.
How does the mortgage refinancing process work in Markham and Pickering?
There are three ways you can refinance your mortgage:
- Break your contract with your current lender
- Add a HELOC to your mortgage
- Extend your existing mortgage
All three options are sought under distinct circumstances.
Breaking your contract with your mortgage lender:
Breaking your current contract can help you get a different plan with a Markham and Pickering mortgage lender. This option is usually sought in the case of drastic differences in plans and usually results in large savings. It means that you will be able to access your equity at a lower cost.
Adding a HELOC:
A Home Equity Line Of Credit is a great way to refinance your mortgage. There is no necessity to undergo the Markham and Pickering mortgage process to access the equity present in your home. This option is sought when the sum required is not very large.
Extending your mortgage:
This option is most preferred when a large sum of money is required by the borrower. Markham and Pickering lenders usually provide the option to refinance your mortgage and increase the sum of money owed by re-borrowing against the already paid-up amount. It can be very helpful when big expenses have to be made.