Refinancing your Property

What exactly does it mean to "refinance"? Well, basically if you refinance your property, you are trying to do one of two things:

1. Take money out of the equity you have built up (equity is the difference between the value of your home and the amount left owing on your mortgage) to pay debt, buy another property, do renovations, etc.
2. Move your mortgage to another lender to get a better rate, amortization, etc. (switch).

PAYING OFF DEBT
Refinancing is often a smart way to go. Generally, you are paying far more in interest on your credit cards, car loans, and monthly debts than you would if you added that debt on to your mortgage. Mortgage interest rates are way lower than consumer credit interest rates. This is a very personal decision, and must be based on someone's specific situation. Let's take a look at an example:

There are pros and cons, and we are here to advise you. We can show you how to refinance and still stay on track paying down your mortgage.

IMPROVING YOUR PROPERTY
Many people take advantage of lower interest rates and use the equity in their home to do renovations. This is a great way to improve your property, and you'd be surprised at how little your payment may go up.

BUYING INVESTMENT PROPERTY
We have special programs for people buying rental or investment property. We do a substantial amount of commercial lending, and work with investors both in the commercial and residential lending areas. Please call us for details at 780-474-7900.

MOVING TO A DIFFERENT LENDER
Sometimes it makes sense to leave one lender, even if you are in the middle of your term. If rates have changed substantially since you got your mortgage, or you were in a different financial situation then, moving to a new lender might actually save you money. It`s a matter of figuring out the math and using our experience to guide you. Call us! We`ll tell you whether we can save you money, years in payments, or if you should stay put for the time being.