Toronto is the fifth largest city in North America and the epicenter for industry in Canada. With its diverse neighborhoods and a high standard of living, Toronto homes can be costly. If you own a Toronto home and are struggling with your mortgage payments, refinancing might be the option you are looking for. Why pay high rates when you can keep your hard earned money in your savings?
The Mortgage Refinancing Association claims that the average Canadian refinances their mortgage every four years. By doing this, homeowners can save a substantial amount of money in interest over several years by paying off their current mortgage and applying for a new one. If you have been repairing or improving your credit since you first took out a mortgage on your home, you could qualify for a new mortgage with a more reasonable rate. You can relieve yourself of high rates and spend more money on the things you love.
Currently, mortgage rates are at record lows, so many Canadians are taking advantage of this occasion and applying for mortgage refinancing. Mortgage refinancing on your Ontario home can save you thousands of dollars in high interest payments and get you on track with building more equity. Refinancing is a great opportunity to take equity out of your home and place it into other areas in your life. With the equity gained from refinancing, you can:
- Consolidate your current debt
- Focus on home improvement projects to raise the value and comfort of your property
- Make lucrative investments for the future
- Go on a family vacation
- Purchase a vacation home or a cottage
- Pay off or finance post-secondary expenses
- Pay into your RRSP’s
Not only can mortgage refinancing help you build equity and lower your monthly payments but it can protect you from rising interest rates. If you settle on a low rate now, you can live more comfortably for the next five to ten years. If you have a second mortgage on your home that has a high interest rate, you can explore your options with the professionals to help you lower those rates. Refinancing does come with some short term costs but the payoff is larger in the end.
Professional mortgage advisors are a great source of information about your mortgage options and are always willing to help you find a better solution to your current situation. Mortgage medics; an Ontario group of mortgage experts, works with to find the rates you want. They can help you understand the difference and benefits to fixed and variable rates and deal with lenders all across Canada. Every situation is different and Mortgage Medics treats you as an individual rather than a demographic. They will research your options and present you with an informed and fresh look at your finances.
Don’t waste years paying down high mortgage rates on your home. Take advantage of the market and investigate what can be done for you with the help of mortgage expert. They can save you thousands and there is no cost to you. With Toronto mortgage refinancing you can save enough equity to update your kitchen, go on that trip you’ve always wanted to, or save money for the future. Why pay high rates when you’ve worked so hard to improve your credit. Let the experts at Mortgage Medics re-evaluate your financial situation and get you the rate you deserve. Give them at call at (289) 837-1518. Their services are free but they can help you save money on your mortgage!