Why Consider Refinancing Your Mortgage Loan in Canada?

Refinancing a mortgage loan—replacing a secured loan with another secured loan of different terms—can allow you to:

• take advantage of lower interest rates
• lengthen or shorten the repayment term
• pay off other loans or debts
• secure more favourable terms, such as a fixed interest rate rather than a variable-rate
• lower your monthly payments, and subsequently improve cash flow
• access cash for investments, home improvement, large purchases, etc. from the equity you have built in your home

Keep in mind that a loan mortgage refinance only makes sense if the money you save on interest is more than the fees associated with refinancing. These range from closing and transaction fees to penalties. We can provide more insight into these issues.

In addition to the cost-effectiveness of a home loan mortgage refinance, there are many other factors to consider. Will you be exposed to greater risk? Are there any tax advantages to refinancing a mortgage loan? Should you look at no-closing cost or cash-out refinancing? Is a loan mortgage refinance the best option for your needs?

At MBN Mortgage, we have the answers. We also know what questions to ask in order to completely understand your current situation and your financial goals. Together, we can help you make an informed decision. Contact us today for an assessment of your current mortgage or for money-saving tips.