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Refinancing your mortgage makes sense for consumers looking to lower their interest rate, lower monthly payments, make large purchaes or consolidate debt. Before you jump in with both feet, make sure you have all the correct numbers to make an informed decision. Choosing the right product is also important. For example, if you are refinancing to do home renovations, you will probably want to look at a line of credit mortgage. This will give you all the flexability you need. If you are looking to lower your interest rate and monthly payments, you want to do a through analysis of all your outstanding debt including your existing mortgage before hand. Refiancing an existing mortgage can mean paying a penalty. In many cases paying the penalty and taking the new mortgage rate is in your best interest, but again, all the numbers need to be crunched ahead of time to confirm the correct strategy.