There are several advantages to mortgage refinancing. Whether you are going through financial hardship and need extra money or simply want to take advantage of lower interest rates, refinancing your mortgage can help. If you are approved for a lower interest rate or switch from an adjustable rate to a fixed one, the savings can be significant.
The main advantage that can be gained from mortgage refinancing is lower monthly payments and interest rates. Homeowners can also refinance when they want to change mortgage providers or take cash against their built-up equity for major purchases.
There could also be penalties for paying down your original mortgage early which can end up costing you cost you thousands, so refinancing can be a great option for the remaining term of your mortgage. Most mortgage providers will require the homeowner to keep the original mortgage for one year before refinancing becomes an option.
Hiring a qualified expert to help refinance your mortgage can save you money, time and narrow down the best financial options available to you.
For more information about mortgage refinancing, call the professionals at Sky Financial – The Mortgage Centre at 1.780.486.6639.