Is Now the Best Time for a Mortgage Refinance in Simcoe County, ON?

Find Out How You Can Live Better When You Refinance Your Mortgage With Mortgage Wellness

Barrie, Canada - September 15, 2023 /Mortgage Wellness/

Refinancing your mortgage is a fantastic way to make your mortgage work for your lifestyle. When you first closed on your mortgage, you were probably a completely different person in a completely different place in life than you are now. Things have changed, but your mortgage remains the same. There comes a time when you might wonder if you could benefit from a mortgage refinance in Barrie, ON. To find out whether refinancing is the best option for you, it’s a great idea to consult a mortgage broker who can walk you through the process. Then you can decide for yourself whether or not mortgage refinancing makes sense for your life.

What You Need to Know About Mortgage Refinancing

When someone refinances their mortgage, it’s usually to change the rate and terms of their existing loan. But refinancing doesn’t simply mean you change up your current mortgage. When you refinance, you’re actually taking out a completely new loan with a new rate, term, or balance to replace the one you already have. The new mortgage pays off the old one in order to replace it. Mortgage financing requires you to go through the application process, home appraisal, and mortgage stress test all over again to make sure you’re eligible for the new loan.

Before you attempt to refinance your mortgage, it’s important to keep in mind that refinancing involves new closing costs. You may also owe a penalty fee for paying off your existing mortgage early. Refinancing may be more worth it closer to your closing date to avoid larger fees. But sometimes, a mortgage refinance in the middle of your term makes the most sense for your lifestyle. This is especially true if you need to tap into your home’s equity to pay expenses.

Reasons a Mortgage Refinance Makes Sense

If you’re wondering whether or not mortgage refinancing is the best strategy for you, it can help to know why most people utilize it. There are a few common reasons to refinance your mortgage, such as changing the interest rate. If rates have dropped since you closed your first mortgage, you could qualify for a much better rate through refinancing. You may also want to change the term of your mortgage in order to pay it off faster. If you’re in a better place financially, you could pay more each month over a shorter period of time. Another common reason for mortgage refinancing is the ability to tap into your home’s equity to take out cash. Your mortgage balance will rise, and you’ll be given the difference to put toward home improvements, large expenses, or debt consolidation.

Learn How You Can Live Better With the Help of Mortgage Wellness

Your life isn’t the same as anyone else’s. Why should your mortgage be? At Mortgage Wellness, we tailor our services to you to ensure you’re getting the best mortgage to support your life. With the help of a mortgage broker in Barrie, ON, you can find out all about how mortgage refinancing can put you in a much better position than you’re in now. All you have to do is call Mortgage Wellness today to get started!