Mortgage Refinance

Mortgage Refinance

Refinancing the mortgage on your property in Toronto can be an effective way to reduce your interest payments or raise some cash. Qualified advice by an experienced real estate lawyer will ensure your refinancing goal is a wise one.

It is a great moment for every working adult when a lender approves your mortgage loan application. It means that now you can put down a deposit on your own home and finally have a place your family can plant roots.

After some time, your financial circumstances and interest rates will improve. This will present opportunities to refinance your mortgage with a lower interest rate or a new loan term. You can do this with your current lender or a different one.

After a few years of paying off your mortgage loan, you will also have built significant equity in your home that you can cash out with a mortgage refinance. You can even refinance your mortgage to consolidate your debt, which can help you lower interest on unsecured debts. There are other reasons to refinance your mortgage.

Mortgage refinancing, in essence, is replacing one mortgage loan with another. The objective is to take advantage of lower interest rates or leverage your improved financial circumstances.

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    Mortgage Refinancing Requires Careful Consideration

    Mortgage refinancing can seem like a great opportunity you should jump into at the earliest opportunity. But as with all financial decisions, it needs careful consideration with the help of a lawyer experienced in mortgage refinancing.

    There are several refinancing pitfalls you must think about. First, it is tempting to only look at the reduced interest rates as your reason for refinancing and forget that the new loan comes with costs. Work out what is greater between your interest savings and the expenses of getting the new loan.

    Refinancing to cash out on the equity you have built up rarely produces the projected benefits because cash in hand is easy to misspend. If your goal is to invest the money, are the proceeds from that investment greater than the interest savings from refinancing with a lower interest rate or simply paying off your mortgage faster?

    Before refinancing your mortgage, talk to an experienced real estate lawyer to weigh the benefits against the risks. De Sa & Associates’ real estate attorneys will judiciously review your refinancing decision to make sure it truly benefits you.

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