There are a variety of reasons to refinance, which can range from wanting to leverage large increases in property value or get equity out of the home for renovations. In some cases it could be due to life events such as divorce, a new relationship, kids going off to college or simply consolidating debt.
Before you refinance, it is important to understand that if you do this during your term you will be breaking your mortgage agreement and there are penalties that come with that. If at all possible, it is best to wait until the end of the mortgage term before refinancing.
There are a few points to consider before refinancing:
Talking to a mortgage professional about refinancing can provide you access to even greater rates and mortgage products to best suit your needs and what you are trying to accomplish through your refinancing strategy.
Regardless of why you are looking to refinance, it can come with a host of great benefits when done properly!
Let’s Connect to discuss your needs and goals and help you attain Financial Freedom!