So you’re thinking about refinancing your mortgage and wondering if it is a good idea or not.  While there is no right or wrong answer to the question there are certainly a number of benefits to refinancing.

Here are the top 3 benefits.

 

Benefit #1 – Paying your mortgage off faster

If you find that your income has increased since you first took out the mortgage or you’re in a better financial situation, then you are in a good position to refinance to shorter term package. This will reduce the amount you pay overall as well as the term you hold the mortgage for.

 

Benefit #2 – Lower your monthly payments

A good way to take some pressure off your monthly outgoings is to refinance your mortgage to a lower rate package.  While the bank you are with may not immediately offer this, your mortgage broker has access to hundreds of lenders and thousands of packages.  Finding one that meets your needs could provide some handy extra cash in your pocket each month.

 

Benefit #3 – Unlock your equity

A major benefit of refinancing is that it allows you to access available equity in your home.  In all likelihood your property has escalated in value since you purchased it.  In addition you have been making monthly payments. This all adds up to being able to pull back some of that equity for those big one off purchases such as a renovation, education expenses or other investments.

These are just a few of the benefits to refinancing your mortgage.  For more information on how we can help you with this, hit the contact button and let’s get the conversation started.