What is Refinancing
When you refinance your existing mortgage what you are doing is getting finance to pay off your current loan and replacing your loan with a new one.
There are a number of reasons why your would do this but, there are times when this may not be in your best interest, for example if you are on a fixed term rate. I would recommend you speak to me at Allsure Financial Solutions to find the right solution for your refinance needs.
Some reasons why your would refinance your mortgage are:
To negotiate lower interest rates is one reason why you would review and refinance your mortgage. By lowering your interest rate you may be be able to not only save money but it may increase the rate at which you build equity in your home, it also reduces your mortgage payments.
When refinancing you may have the opportunity to reduce the term of your mortgage without much change to your monthly repayments. This means you may become mortgage free earlier than you initially thought.
Allsure Financial Solutions offers you an opportunity to review your current mortgage providing you with options to make the most of your property purchase.