In a mortgage refinancing, the current mortgage financing is replaced with new financing. There are a number of reasons why borrowers may decide to refinance…
- Replace an existing high interest rate loan with a lower rate loan when the market rates are lower.
- Build up equity more quickly by converting to a loan with shorter term.
- Draw on the equity that has build up on their property.
- Replace an existing variable rate mortgage with a fixed one or vice versa.
Unfortunately, there are many scenarios in which borrowers rush into high interest mortgage contracts delivered by unethical salespeople. This usually leads to unfavorable outcome towards mortgage repayment.
Please remember that a good competitive interest rate on your mortgage loan will help you to minimize your monthly expenses and shorten your mortgage repayment period…
If you feel that you relate to a similar unfortunate situation, don’t hesitate and contact us for a free consultation!