There are many cases in which refinancing your mortgage may be a wise financial decision. The best financial planners advise homeowners to look at their finances holistically, and try to minimize their interest payments, interest rates and amortization periods. For example, if you are able to take out a new mortgage with a shorter term, or lower interest rate, it can sometimes be a good idea to do so, especially if you are not planning on moving to a different property for a few years.

Many Thornhill homeowners refinance their mortgage to tap into their home’s equity. Accessing home equity, if needed, is usually preferable to and cheaper than taking out a separate loan. Some use a second mortgage to pay down or consolidate other outstanding debts, lowering their interest rates and decreasing the need to provide payments to several different lenders.

If you are interested in refinancing your home, visit an accredited mortgage lender for a consultation – you might be glad you did!