Lethbridge Alberta Mortgage Refinancing

Refinancing vs. Renewing

Refinancing a home is where you replace your existing mortgage with a new one. There are many reasons why it might make sense to do this:

Savings

If current interest rates are lower than when you originally negotiated your existing mortgage, you may be able to save thousands of dollars by renegotiating, even if you have to pay a penalty to do so. Your broker can help you calculate the cost/benefit so that you make the best decision.

Debt Consolidation

If you have high interest unsecured debts, such as credit cards and department store or car loans, then you likely are better off using available equity in your home to pay them out. After all, both the monthly payments and the interest rates are usually higher on these types of credit than a mortgage.

Purchasing an investment property

Utilizing the equity in your home can help you buy an investment property or second home such as a cottage or even a residence for a child attending college or university. This can be a great way to lower the total cost of education.

Renewing a Mortgage

About 80% of Canadians make the mistake of just signing the Mortgage Renewal Offer that their existing lender sends at the end of their term. Did you know that on average this rate is more than 1% higher than the going rate of interest? And to simply switch to a lender with lower rates can often be done at no cost to you!

Don't make the mistake of signing renewal documents without contacting me first.  I may be able to save you thousands of dollars with little effort.  Make the call 403-330-3039.