Refinancing your mortgage might make really good sense. Whether you want to take advantage of a lower mortgage rate, extend your amortization period, or tap into the equity in your home for a home renovation, refinancing can be the right choice.
A mortgage refinance means that you want to renegotiate your existing mortgage loan in order to replace it with a new one that is a better fit for you. This usually happens when you wish to access more equity in your home or for better mortgage options.
A refinance can be done at any point during your mortgage term, or at renewal time (applicable fees or penalties may apply). If you change lenders, you would pay out that mortgage contract to create a new one with a different lender.
It's not always a for sure thing that refinancing is your best option. Whether you wait until your renewal period, or need to refinance or change lenders in the middle of your current mortgage term, there will likely be fees and charges involved, such as setup, legal or pre-payment penalties. But there are circumstances when it makes real financial sense.
Our trusted BC Mortgage Team can take a look at your particular situation, quickly sort out the pros and cons, and outline any benefits to help you decide if a refinance is right for you
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