Remortgaging, in the simplest terms, is taking out a new mortgage and using the proceeds to completely pay off the existing mortgage. While this may not seem like it provides any benefit to the borrower there are in fact some very good reasons why you should consider remortgaging:
- Debt Consolidation
- This is the most common reason people look for remortgaging options. If you are locked into a higher interest rate mortgage then switching to a lower interest rate while taking out some equity to pay off other debts may be cheaper in the long term
- Securing a lower interest rate
- If your existing lender isn’t able to willing to offer you a lower rate when your mortgage is up for renewal then remortgaging to a new lender with payment options that better suit you is an excellent idea
- Make home improvements or repairs
- If you’re perfectly happy with where your home is but need to update the kitchen, add a sun room or maybe a garage then remortgaging can help you get some equity out of your home which you can then use to improve or repair the home
- Getting at some of the equity in your home to buy an investment or vacation property, stocks or anything else
- More and more people are looking to purchase another home or condo for investment purposes, or to make an investment in the stock market.
- Helping children through college or university
- University tuition is expensive, and its just one of the many financial hurdles that students need to overcome these days. If you want to get access to some funds to help pay for your child’s university education then remortgaging is an easy way to do it
The professionals at First and Second Mortgages make the remortgaging process as simple as possible. We will help you through all the steps and paperwork so that you can get to the funds you need as quickly as possible.
If you’re looking to get access to some of the equity in your home for these or any other reasons then First and Second Mortgages can help. Why take out a personal loan or worse add to high interest credit card debt when your existing property can be remortgaged? Traditionally you’ll get a much better interest rate and re-payment plan by using property on a secured loan, so why not call us today at (403) 543-0927, (780) 428-1222 or 1-866-405-1228 or use the contact form to the right to get your no obligation consultation?