Refinancing your mortgage can be a smart financial move, especially when interest rates drop or when you want to access the equity built in your home. By refinancing, you're essentially replacing your current mortgage with a new one that has updated terms—whether that's a better interest rate or a new loan amount. This process allows homeowners to either adjust their mortgage terms or tap into the equity they’ve accumulated.
Visit to Know More! https://satishkumarmortgage.zohosites.in/
To determine how much equity you can access, your lender will assess your home’s current value. For instance, if your home is worth $650,000 and you owe $275,000, you may be eligible to refinance up to $520,000, giving you access to $245,000 in cash. However, keep in mind that refinancing comes with risks, especially in today’s rising interest rate environment. While refinancing allows you to access cash, your new mortgage amount could lead to significantly higher monthly payments.
Contact Us! 437-684-3333
It’s essential to weigh the benefits of refinancing against potential costs, particularly as rates rise. If your current mortgage rate was set before Bank of Canada’s rate hikes, refinancing could mean paying considerably more each month, especially if you’re increasing your mortgage to access more equity. Be sure to compare rates and consider your long-term financial goals before moving forward.
Email Me! info@satishkumarmortgage.ca
