Should I Refinance

Posted on: June 6th, 2014 by firstandsecondmortgages No Comments

If you’re asking yourself “should I refinance” then you likely have some pressing financial issues which need to be addressed. The longer you leave those and do not deal with them, the worse they are going to become.

There are a number of reasons why someone would consider refinancing their mortgage. If you have been thinking “should I refinance” here are some benefits you could realize from refinancing:

  • If you’re considering going into foreclosure
    Especially during these trying times maybe people are falling behind on mortgage payments. If your bank is threatening foreclosure then you may choose to borrow some money with a second mortgage or refinancing until you can get fully back on your feet
  • You owe a significant sum to Revenue Canada
    When people owe back taxes to the Federal Government many of them begin to ask “should I refinance”. For a number of people the answer is yes. Using the equity of your home or property is an excellent way to pay your taxes without having to take on additional high interest credit card debt, going into bankruptcy or worse.
  • 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 refinancing is an easy way to do it. When compared to the costs of borrowing on credit cards or the stress of working two or three jobs to pay for college, the question “should I refinance the house to pay for my children’s education” is fairly easy one to answer
  • You want to take that dream vacation
    Sometimes we spend so much time working and paying off our debts and bills that we forget to plan to take time away. If you’re looking to take that around the world cruise or spend months flying between historic cities you’ll need a lot more than just some spending money.

The answer to the question “should I refinance” is yes. 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.

Your second mortgage in Canada is just a phone call away. Call First and Second Mortgages at 1-866-405-1228 and get started now.

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