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A growing number of Canadian mortgage holders are approaching that fork in the road moment contemplating whether they should pull the trigger on a mortgage refinance, or stay put and continue on the current path which for many has become unmanageable, and for some, even life-altering.
Here are some compelling reasons to move sooner with a mortgage refinance rather than later:
Consolidate your personal debts into a new refinanced mortgage and substantially reduce your overall monthly payment obligation. Chances are that most of your personal debt load carries significantly higher carrying costs (interest rates) than your proposed mortgage rate, even at today’s elevated interest rates. Call Marko and ask for a Before/After analysis to determine your monthly interest savings when consolidating your current debt load into your mortgage. An overwhelming majority of the outcomes end up on better financial footing than they were prior to the refinance.
Salvage your credit score by refinancing sooner than later. Making minimum payments to your debts may satisfy your creditor, but it won’t improve your debt-balance to credit-limit ratio. If your debt-balance to credit-limit ratio exceeds 80% for extended periods of time, your credit score may be at risk of significantly decreasing. Explore refinance scenarios in anticipation of hardship rather than standing by as your credit score slides dangerously lower, potentially deeming you ineligible for mortgage qualification.
Convert your home into a bank (not a bank machine!). You can structure your equity and design a matrix of products you are in charge of. Lend to family members and business partners, purchase big-ticket items, or even piece off a substantial portion of your home equity to yourself for investment purposes. Determine the rate, term and amortization for every sum of money lent out. Whatever the purpose, you set the terms, not the lender.
Reset, adjust and feel rejuvenated. Sometimes life throws you a curve ball or presents you with a once-in-a-lifetime opportunity. Regardless of what comes calling, home financing solutions can be the bridge that helps you cross the finish line. It’s your home and your hard-earned equity, don’t hesitate to explore your options.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
Wondering if a mortgage refinance is right for you? Call or text Marko right now at 604-800-9593, or Click Here to schedule a call at a time that is convenient for you.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
When is the right time to consider a mortgage refinance?
(February 24, 2023)
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
A growing number of Canadian mortgage holders are approaching that fork in the road moment contemplating whether they should pull the trigger on a mortgage refinance, or stay put and continue on the current path which for many has become unmanageable, and for some, even life-altering.
Here are some compelling reasons to move sooner with a mortgage refinance rather than later:
Consolidate your personal debts into a new refinanced mortgage and substantially reduce your overall monthly payment obligation. Chances are that most of your personal debt load carries significantly higher carrying costs (interest rates) than your proposed mortgage rate, even at today’s elevated interest rates. Call Marko and ask for a Before/After analysis to determine your monthly interest savings when consolidating your current debt load into your mortgage. An overwhelming majority of the outcomes end up on better financial footing than they were prior to the refinance.
Salvage your credit score by refinancing sooner than later. Making minimum payments to your debts may satisfy your creditor, but it won’t improve your debt-balance to credit-limit ratio. If your debt-balance to credit-limit ratio exceeds 80% for extended periods of time, your credit score may be at risk of significantly decreasing. Explore refinance scenarios in anticipation of hardship rather than standing by as your credit score slides dangerously lower, potentially deeming you ineligible for mortgage qualification.
Convert your home into a bank (not a bank machine!). You can structure your equity and design a matrix of products you are in charge of. Lend to family members and business partners, purchase big-ticket items, or even piece off a substantial portion of your home equity to yourself for investment purposes. Determine the rate, term and amortization for every sum of money lent out. Whatever the purpose, you set the terms, not the lender.
Reset, adjust and feel rejuvenated. Sometimes life throws you a curve ball or presents you with a once-in-a-lifetime opportunity. Regardless of what comes calling, home financing solutions can be the bridge that helps you cross the finish line. It’s your home and your hard-earned equity, don’t hesitate to explore your options.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
Wondering if a mortgage refinance is right for you? Call or text Marko right now at 604-800-9593, or Click Here to schedule a call at a time that is convenient for you.
Don’t want to miss out on the next blog post? Click Here to have future issues emailed directly to your inbox!
Home Financing Solutions is a franchise of The Mortgage Centre. Offices in Calgary and Vancouver. One Application, One Credit Check and access to Canada's top lenders.
