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Save Money by Refinancing Your Home (#002)

Posted by Dreyer Group Mortgages
Created: 06 February 2014

Are you curious about how refinancing could help save you money? Do you wonder if the time to save money by refinancing is now? Are you aware of all the benefits associated with refinancing your home? If you haven’t considered refinancing as a way to increase your family’s wealth, then you could be missing out on a golden opportunity. When you refinance, you pay off your mortgage using less money. Lower interest rates and building up equity in your home can help you achieve this goal. Does coming out ahead financially sound like a goal you’d like to achieve?

If you’re interested in saving for the future and paying off your home faster by refinancing, then spend 20 minutes listening to this edition of “The Mortgage Lab” brought to you by Dreyer Group Mortgages. In this episode, host Eric Reynolds interviews Jared Dreyer, accredited mortgage professional and president of Dreyer Group Mortgages, a proud member of the Verico Brokers Network about refinancing your mortgage.

There has never been a better time to refinance. The Canadian Bankers Association reports that Canadian mortgage holders can now borrow up to 80% of the value of their home over a period of 25 years when refinancing.

Refinancing Offers Financial Benefits to Mortgage Holders

There are many reasons to refinance, and as Jared explains it boils down to your own personal financial situation. Some people know right off the bat that they can benefit from refinancing, while others use the services of a mortgage professional to decide of this is the right decision for their family. One reason why a lot of people are looking to refinance in today’s market is to buy a second home to use as a vacation property.

However buying a second home or making some other type of large purchase is not the only reason to refinance. As Jared explains, some people wish to switch to a mortgage rate that offers more financial benefits, while others are looking for ways to save money period.

If saving money is one of your goals but you haven’t refinanced, then you are missing out on a prime opportunity.

Refinancing Allows You to Achieve Your Goals

The savings of refinancing your home could be significant and allow you to do things that before you had only dreamed about. You might want to help out family members, renovate your home to add value to it, or put away money for retirement. During the episode you’ll also hear Jared answer these questions:

  • How will I be able to know if I am ready to refinance?
  • Could refinancing a mortgage help me pay down other debts?
  • How much could my family save each month through refinancing?
  • When is the best time for me to refinance my home?
  • Who do I call once I am ready to refinance my mortgage?

Next Jared explains that while it might sound like an expensive process to refinance, that’s not necessarily true. It helps to find a mortgage group that offers free services. These free services might include a refinancing analysis, or a consultation to discuss the benefits and disadvantages of paying a penalty. If you’re not sure if you’re ready to refinance, then it’s time to contact a mortgage group to find out.

Rethinking Your Finances to Refinance Your Mortgage

Jared goes on to describe other advantages of using a mortgage group to help you understand if this is the right time for you to refinance your home. A mortgage group’s top priority is to present all the facts, both benefits and disadvantages, in a way that you will understand to help you make the best decision.

Next Jared explains the costs associated with refinancing, such as re-registration of legal fees. Do not let the thought of fees deter you, because he also explains which financial institutions are willing to help you pay for those fees. It all depends on which financial institution you choose to handles your refinance.

A professional from a mortgage group not only has access to a wide range of financial institutions to find the best one to refinance your mortgage, but they also help you shop around until you find the best quote that meets your financial needs.

Jared points out that it’s important to work with someone who explains the process in layman’s terms so you know exactly what’s happening in each step of the process. This is as important as finding someone who will find you the lowest interest rate.

Do You Want to Live Debt-Free Sooner than Later?

Are you ready to save money and pay off your mortgage sooner by refinancing your home? Do you want to hear more information about this topic from an industry expert? Listen to the entire podcast now to hear all the details.

After you finish listening to this informative podcast, please contact us at 1.800.687.9020 

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