Refinancing your Mortgage
Mortgage Rates the lowest in 20 years we can help you refinance,save money,take out cash,consolidate loans,buy a car,new investments it's your money.
Refinancing could save you over $12,000* in the first five years, just by reducing your mortgage interest rate by 1%!
A difference of 1% interest over the years
for a $250,000 mortgage (5.0% vs 6.0%) |
| Year(s) |
Interest of 5.0% |
Interest of 6.0% |
Difference |
| 1 |
$12,250* |
$14,700 |
$2,450 |
| 2 |
$24,250 |
$29,100 |
$4,850 |
| 3 |
$35,950 |
$43,250 |
$7,300 |
| 4 |
$47,400 |
$57,050 |
$9,650 |
| 5 |
$58,500 |
$70,550 |
$12,050* |
| 7 |
$79,750 |
$96,500 |
$16,750 |
| 10 |
$108,950 |
$132,400 |
$23,450 |
| 15 |
$149,150 |
$182,450 |
$33,300 |
| 20 |
$176,100 |
$216,750 |
$40,650 |
| 25 |
$186,200 |
$229,850 |
$43,650 |
| Figures are rounded to the nearest $50. Based on a standard 25 yr. amortization. |
At various times we could all use some extra cash, but it is not always easy to come up with it. That tropical vacation, home renovation or business opportunity might be just out of reach, but do not let those dreams fall by the way side. One solution might be to refinance your  mortgage. This will give you that extra cash without a large repayment plan that can come with personal loans or lines of credit.
There are other benefits to refinancing. You can take this opportunity to consolidate any high interest loans or credit cards. Another benefit of refinancing your mortgage is that you may be able to get a far better interest rate than your current one. If we cannot beat your current rate, we definitely can find a better mortgage product since we have access to over lenders across Canada. Our professional mortgage managers would be happy to find the best possible rate or product to suit your new situation. Simply fill out our convenient mortgage refinance application and take that step closer to your dreams.
Refinancing Your Mortgage
Your home is likely your most important financial asset. Refinancing your mortgage can allow you to take advantage of any equity in your home to:
- help cover the cost of home renovations;
- a child’s post-secondary education;
- consolidate debts or
- free up funds for investments.
- Finance your vehicle lower rate
Financial Freeway offers refinancing options that give you the opportunity to once again .jpg) match your borrowing needs with the right mortgage solution to suit your lifestyle today.
Refinancing your mortgage
Need money for your home renovation project? Want to consolidate debt? Wish to take advantage of lower rates? There are plenty of reasons to consider refinancing and plenty of ways we can help. Refinancing your mortgage with can save you money, here is how:
- lower mortgage rates than those advertised by the big five banks*
- great rates up front - no haggling required
- flexible payment options to help you become mortgage-free faster
Use the equity in your home
The equity in your home can be a source of additional funds to help meet your borrowing needs. Refinancing your home can be an option when it comes to paying for a major home renovation project, make a down payment for an investment property or cover the costs of your child‘s post-secondary education buy a car..
Consolidate debt
If you have debt at an interest rate higher than your mortgage rate, then refinancing can save you money. Use the extra cash to pay off your debt, resulting in all of your debt being charged at one low rate.
To pay off your mortgage faster
First-time buyers often opt for a long-term mortgage to keep their monthly payments low. But when you’re able to handle a higher monthly payment, it makes sense to shorten the amortization by refinancing. While your monthly payment will go up, your interest cost over the term of the mortgage will probably drop. You also build equity in your home faster. And ultimately, you’ll be mortgage-free sooner. See the effect of reducing your amortization.
Lower your monthly mortgage payments
Taking advantage of lower interest rates to cut your monthly payments is a good reason to refinance. Even though you may need to pay refinancing fees and penalties, you could still lower your monthly payment by a few hundred dollars. Then you’re free to use the extra cash for a major purchase, an RRSP contribution or an investment.
Take advantage of a lower interest rate environment
You also have the option to blend your original mortgage interest rate with today’s rate and extend your mortgage term. If today’s interest rates are lower than when you first took out your mortgage, a “blend & extend” can help lower your mortgage payments or allow for your mortgage to be paid down faster.
Many Canadians are applying for mortgage refinancing in order to
keep on track with their financial goals.
Together we can review your current mortgage profile and help you save money. We have lenders offering the lowest mortgage rates for your mortgage refinancing.
Mortgage Refinancing - Debt Consolidation Example
|
Home Value: $300,000
|
Home Value: $300,000
|
|
Mortgage Balance: $145,000
|
Mortgage Balance: $215,000
|
|
Interest Rate: 6.95%
|
Interest Rate: 4.5%
|
|
Mortgage ($145,000): $1,012
|
Mortgage ($215,000): $1,011.97
|
|
Loans ($30,000): $850
|
Loans (nil): $0
|
|
Credit Cards ($40,000): $1,200
|
Credit Cards (nil): $0
|
|
TOTAL PAYMENTS: $3,062
|
TOTAL PAYMENTS: $1,011.97
|
|
|
MONTHLY CASH FLOW SAVED !
$2,050.03
|
Our exclusive Mortgage Manager and every day we run a mortgage analysis on your .jpg) mortgage, and when the current discounted rates are lower than your existing mortgage, and the savings is greater than your early renewal penalty, we will notify you of the opportunity to switch your mortgage and save money. It’s that simple. You choose when and where you switch your mortgage. There are NO fees to you, only a savings in mortgage interest
Canada Mortgage Refinance
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