Refinancing My Home

Is now the the right time? Find out here.

Is now the time to refinance?

Each situation is unique and your mortgage advisor can work with your accountant to help you determine if it's the right time for you to refinance. Effective refinancing typically means lowering your current mortgage loan. You might also want to consider changing the length of your loan or receiving cash from the equity in your house.

Is refinancing the best choice for my financial goals?

If you want to increase cash flow, refinancing to lower your monthly payment could help.

Can I reduce my monthly payment if I refinance?

Quite possibly. To get a good idea of what your new monthly payment, contact your mortgage provider.

Can I shorten the loan term if I refinance?

Yes, as long as you qualify and are not under any fixed interest obligations with your current loan. For instance, you may be able to reduce your mortgage loan term from 30 years to 15 years.

Can I refinance and use the cash for an addition to my home?

Absolutely. Many people borrow against the equity in their homes to make improvements.

How much of my home equity can I use?

This can vary between lenders, but sometimes up to 80 percent of the appraised value of your home can be used to make home improvements. The equity you can use is based on the value of the home and what you currently owe, subject to applicant approval.

What will it cost me to refinance?

You may have costs associated with refinancing your loan, including set-up and processing fees. You may have the option of rolling these costs into the loan amount to reduce your cash out of pocket. Either way, ensure these costs are included when comparing your current situation to a the overall cost of refinacing.

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