Refinancing Options For Hamilton Residents
Living in Hamilton? Trying to figure out if you should refinance your mortgage? The cost of fees aside, the benefits of
make a convincing case for revisiting
your existing mortgage. Many Ontario residents consider refinancing on a day-to-day reason, but what are the benefits?
The Advantages of Refinancing
The principal reason is obvious: to get a lower
interest rate! Traditionally, the rule of thumb was that if you were lowering
your rate by 2% you were going to save money – but some analysts now put that
at just 1%. Not only are you saving money, but you are building equity faster in your home.
You can also shorten your mortgage’s term and become
mortgage free sooner. This is a laudable goal, though there are arguments to be
made in today’s low-interest climate that you can put cash to better use than
paying off a low-interest mortgage.
By refinancing, you can access the equity you have
built up in your home and apply cash to any other debts. If you
are carrying personal loans or credit card debts, these are probably charging
higher interest rates than a mortgage – so the sooner you can pay them off the