Refinance Waterloo – Access Mortgage
Many people choose to refinance in Waterloo when the current mortgage rates are lower than their current mortgage, or they want to release equity from their homes for other things such as debt consolidation, business investment or buying a second property. With the wrong mortgage product or term Canadians can needlessly spend money on their mortgages that they could avoid. It is important to have a mortgage broker who you can trust and who will review your mortgage with you annually. At Access Mortgage, we can assist customers with their refinance in Waterloo and assist them with saving a great deal of money annually. Read on for more information about refinance in Waterloo at Access Mortgage.
What is Refinancing?
Refinancing in Waterloo is the process of replacing your loan or loans with a new lender, generally with different terms than the original. Refinancing will provide new money to the borrower, and will be used to pay off the original loan, usually with adjusted, and more favourable terms. The process can be described as:
- You’ve got an existing loan
- You apply for a new loan
- The new loan pays off the existing loan
- You’re now left with the new loan with different terms
Why do people refinance in Waterloo?
There are several potential benefits of refinancing, and if you are experiencing severe debt issues, then you may be interested in some of these benefits:
A common reason for refinancing is to save money on interest costs. This generally requires that you refinance with a new loan with a lower interest rate than your existing interest rate. Especially with long-term loans and large dollar amounts, lowering the interest rate can result in significant savings.
Shorten loan term:
You can also refinance into a shorter term loan. For example, you might have a 30-year home loan, but that loan can be refinanced into a 15-year home loan. This might make sense if you intend to make larger payments to get rid of the debt more quickly. Of course, you can also just make extra payments without refinancing.
If you have multiple loans such as first, second or third mortgages or lines of credit, it might make sense to consolidate those loans into one single loan, especially if you can get a lower interest rate. It’ll be easier to keep track of payments and loans.
For more information about a refinance in Waterloo at Access Mortgage, please feel free to continue browsing through our website. We can be reached at 1-844-397-3780 or by filling out our contact form.