The Canadian housing market is constantly changing, and it can be hard to keep up with all of the changes, especially in Lindsay. There are many reasons why you should refinance your mortgage today, including lower interest rates and higher home values. In this article, we will discuss the four reasons you should refinance your mortgage, so continue reading to know more about refinance mortgage.
Covering the Cost of Renovation
Home renovation costs have been rising over the past few years, so it is no surprise that many homeowners are looking to refinance their mortgages. When a person refinanced their home previously, they could get a lower interest rate and use those savings towards renovating or improving their home. For example, if you purchased your house five years ago for $400K, you will get about $0.17 on the dollar for your home equity (assuming you bought at a 70% LTV ratio or paid 20% down).
If you refinance with someone like Kawartha Lakes, who offers low fixed rates and no fees to apply, then it is possible to get up to 90% financing of your house value or 85!
For a Child’s Secondary Education
Every parent wants the best for their child, including getting a good education to prepare for life. In Canada, the average cost of secondary education is around $12000 per year. That’s about $240 000 for four years from grades seven through twelve. The problem with this amount and other related costs such as books and school supplies is that it can be out of reach for most families and won’t help your child get the education they need to succeed.
Refinancing your mortgage is a simple way to get the money you will need for your child’s secondary education. It won’t affect their chances of getting financial aid, scholarships, or bursaries because they don’t have an outstanding balance on them any credit products.
Consolidating Debts
You won’t believe how many people refinance their mortgages to consolidate debts. By utilizing the money they’re saving with a lower mortgage rate, people can apply what would have been their monthly payment to pay off credit cards or other debts.
This is great because it not only reduces your debt load but gives you better interest rates on all of those loans as well!
Securing Funds for Investing
The key to having a good retirement life without worrying about money is securing it with investments. The interest you make off your investments can help provide for the rest of your living expenses. This is especially important if you plan to retire early, like at 50 years old or even earlier. If one has no set income, they need other sources of money that will last them throughout retirement. Investing can be a great way to secure this kind of lifestyle and finance the dream to retire peacefully and successfully!
