Times change, and so do our financial needs. The interest rate you had going into your mortgage may not be as good as the current rate. You may want to alter the terms of your mortgage. Whatever your needs may be, you can always address them through mortgage refinancing. The question is, how do you know if it’s time to refinance or not?
A refinance calculator can help you determine if refinancing is an ideal option to suit your financial situation. This calculator aims to show you if it’s viable for you to refinance by asking the following details about your mortgage:
That above data is input into the calculator and the results will let you know if you should refinance.
There are four common factors involved in mortgage refinancing.
Yes. A mortgage broker is adept at helping your negotiate the new terms of your mortgage and finding you a better interest rate. A refinance calculator can only tell you if refinancing is ideal, but it cannot actually do the refinancing for you.Back
Canada’s mortgage website
Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).
We All Need a Mortgage
Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.
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