Refinance Mortgage Waterloo
Expert Mortgage wants to hear from you if you are struggling with a mountain of debt. We can help you get out of debt and become financially free. If you have been given advice that is telling you to file for bankruptcy, consumer proposal, or credit counselling, Expert Mortgage is here to tell you, there is another way! In this article, we will talk about what benefits you can experience when you choose to refinance a mortgage in the Waterloo area. Read on for more information.
Mortgage refinancing can provide a number of benefits. These will vary from borrower to borrower, depending on what they’re looking to achieve, but a refinance will generally provide one or more of the following:
Get a better mortgage rate
This may be the most common reason for refinancing. If mortgage rates have fallen since you took out the loan, you can often save money by refinancing your mortgage into a new home loan at current rates. Or perhaps your credit situation has improved, so you’re eligible for a lower rate.
Lower your monthly payments
With a lower interest rate, you can get lower monthly payments as well, particularly if your refinanced mortgage has the same payoff date as your old home loan. You can also lower your monthly mortgage payments by extending your payoff date past what it currently is, so you’re paying less in principle each month.
Shorten your term
Many borrowers start out with a 30-year home loan, then refinance to a 15-year fixed-rate mortgage after a few years. This allows them to pay the mortgage off faster and save a lot of money in interest over the life of the loan. Mortgage rates on 15-year loans are also significantly lower than on 30-year mortgages, so you may be able to shorten your term without a big increase in your monthly mortgage payment.
You can use a cash-out refinance to pay off other debts to save money on interest and reduce your total monthly payments. Mortgage rates are usually lower than the interest rates paid on credit cards and other unsecured debt, so you save on interest payments. Mortgages can also be repaid over longer terms than most other types of debt, up to 30 years, so you can reduce your monthly payments against debt principle, if that’s your goal.
If you already have a mortgage, and you are struggling to make ends meet because of your debts, we encourage you to consider trying to refinance a mortgage in Waterloo. Let the professionals at Expert Mortgage assist you with the process, and get you back on track financially. Click here to find our contact information and to fill out our contact form.