Mortgage Refinance Kitchener
Are you considering a mortgage refinance in Kitchener, but you want more information about the process so you can decide if it is the right option for you? Access Mortgage is here to tell you that there are many benefits of a mortgage refinance, and if you are struggling with a mountain of unsecured debt and wanting to get back on track financially, a mortgage refinance can be a great strategy for debt consolidation. Read on for more information about how Access Mortgage can assist you with your mortgage refinance in Kitchener!
A mortgage refinance in Kitchener can help you consolidate your debts. Whether it be personal loans, car loans, credit card debt, or other unsecured debt, a mortgage refinance will allow you to merge those debts into one secured mortgage or loan. Doing this makes it much easier to manage your finances, and make your payments. Also, a mortgage refinance is a far better option then filing for bankruptcy, consumer proposal, or credit counselling, all of which can severely damage your credit.
Reduce the interest paid on your mortgage
A lower payment is often used as a justification for refinancing. While it may be nice to pay less each month, make sure to look at the big picture. Extending a loan (starting a new 30-year loan when you only have 15 years left, for example) can increase the total amount of interest you pay over your lifetime. To understand why, use an amortization chart that shows how much interest you pay with each monthly payment. On a brand new, long-term loan, the payments in early years only make a small dent in your loan balance.
Unlock equity in your home
Many people find themselves in a position where they are making significantly more than they were when they bought their home. However, some home loan terms do not allow you to pay more on your mortgage each month, which is why many people go with a mortgage refinance in Kitchener, so that they get a lower term and pay of their mortgage faster!
For more information about a mortgage refinance in Kitchener, and how Access Mortgage can assist you with the process, please feel free to continue browsing through our website. Click here to find our contact information and to fill out our contact form.