May 04 2018
It's pretty common for homeowners to stop keeping a tab on their mortgage once they get the rates they covet. Money automatically gets wired from their account periodically and it's all well. But what if the current mortgage rates are way lower than what they got?
Given the current record Lowest Mortgage Rates, this must be a situation everyone is facing right now. But there's a solution people often overlook- mortgage refinance.
Many firms like The Mortgage Division are offering Lowest Refinance Mortgage Rates in Mississauga and there's never a better time to go for it. In case you're wondering how Mortgage Refinancing will help you in long run, here's how.
The low mortgage rates available may not be available a couple of months from now. And there's no need to abstain yourself from going for refinance of mortgage when you know there's an option. If the outstanding mortgage is huge, you'll end up saving more than the penalty you might pay on early termination of contract. The penalty for variable rate mortgage is generally lower than fixed rate mortgage for you may have to pay IRD for the latter. Plan accordingly.
As we know, home prices don't remain the same and they only rise with time. You can reap the benefits of this price rise through refinancing as you get high equity in your home which you can use to pay off high interest debts. You can use this equity to settle car loan, credit card statement, line of credit etc. A debtless life is always a carefree one.
As mentioned above, through refinancing, you can access up to 80% of the current value of your home. This equity can be amply utilized for investment in other spheres like education loan, personal loan for home improvement and renovations, investing in shares etc.
There are several ways to avail the refinancing mortgage option like breaking existing mortgage contract before renewal with penalty. You can add a home equity line of credit to gain access to your home equity. You may even go for blended rates offered by your current lenders, but that'll require thorough analysis and market comparison. For Lowest Refinance Mortgage Rates in Mississauga, The Mortgage Division is the way to go.