Canadians today face many reasons to refinance their mortgage.
Canadians today face many reasons to refinance their mortgage. For example, you may have been working at improving your credit score and now qualify for a new mortgage with a better rate. Refinancing is also a good option to gain access to cash from your home equity to consolidate higher interest debt, make home improvements or help pay for a child’s university education.
Federally regulated guidelines allow home owners to refinance their homes for up to 80% of its current value. However, in cases of marital breakup it can be possible to refinance for up to 95% in order for one spouse to payout the other their share of the home equity.
If you have questions about whether refinancing your home is the right option for you, please feel free to contact me at your convenience.