Home / Refinance
There are several reasons why homeowners may choose to refinance their mortgage:
Lower interest rates: Refinancing your mortgage can help you take advantage of lower interest rates, which can result in lower monthly payments and long-term savings. If interest rates have decreased since you initially obtained your mortgage, refinancing can be an opportunity to lock in a lower rate.
Lower monthly payments: Refinancing can also help you lower your monthly mortgage payments, which can be helpful if you're struggling to keep up with your current payments.
Shorten or lengthen the loan term: Refinancing can also allow you to shorten or lengthen the term of your loan. If you're looking to pay off your mortgage sooner, you can refinance to a shorter-term loan, which may have higher monthly payments but will result in paying less interest over time. On the other hand, if you're looking to reduce your monthly payments, you can refinance to a longer-term loan.
Change in financial situation: If your financial situation has improved since you obtained your mortgage, refinancing can be an opportunity to get a better interest rate or to reduce your monthly payments. Alternatively, if your financial situation has worsened, refinancing can help you lower your monthly payments and make them more manageable.
Home improvements: Refinancing can also help you access equity in your home to fund home improvements or other expenses, such as college tuition or medical bills.
Change in mortgage type: Refinancing can also allow you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, which can provide greater stability in your monthly payments.
It's important to carefully consider the costs associated with refinancing, such as closing costs, and to consult with a financial professional to determine if refinancing is the right decision for your individual circumstances.
Welcome to Castle Mortgages, our full-service mortgage brokerage firm specializing in providing mortgage solutions for self-employed individuals across Ontario. At our firm, we understand that being self-employed comes with unique financial challenges, and we’re here to help you overcome them.
