Regardless if you have been in your current home for five years or twenty-five years, refinancing your home can be an excellent benefit to you. To give you a better understanding of an Abbotsford refinance, our team of experts at Your Mortgage Source has listed some key tips on how to know if you are ready to refinance.
#1: Home Renovations
If your home is needing some major repairs or if you are just wanting to renovate your home for a more modern look, you can do so through refinancing. Abbotsford mortgage refinance gives you the ability to access the equity in your home without you needing to sell. If you have been in your home for a long time and have been making regular payments toward your mortgage, you most likely have a lot of home equity. You can access this cash through refinancing and use it to renovate your home.
#2: Consolidate Debt
If you have accumulated a lot of debt from different businesses, whether it be multiple credit card companies, car loans, or student loans, you can refinance to help consolidate all your debt into one payment. With interest rates outrageously high on credit cards and student loans, refinancing your mortgage to pay off this debt can save you hundreds, if not thousands of dollars in the long run.
#3: Interest Rates
You might be ready to refinance your mortgage if your current contractual rates are significantly higher than what is being offered on the market today. Refinancing is a way where you can obtain the current low market rates and receive lower, more affordable monthly payments.
#4: Amortization Period
Maybe you are wanting to pay off your loan sooner rather than later? Well, refinancing is also a way where you can make this happen. For example, you can refinance your mortgage to switch your 30-year mortgage into a 15-year mortgage to shorten your amortization period.
#5: Fixed-Rate Mortgage
If you currently have a variable rate mortgage and are no longer wanting the inconsistency of knowing whether or not your rates are going to fluctuate you can switch to a fixed-rate mortgage. You will be given a set rate at the beginning of your loan term that will never change throughout the duration of your loan. This will benefit you by allowing you to budget more accurately since you will know exactly how much you owe every month.
For more information on the benefits of a mortgage refinance in Abbotsford, please contact Your Mortgage Source at 604-556-3893. For more information on our mortgage products and your preferred Abbotsford Mortgage Broker please visit our website at www.ymscanada.ca.