Refinance Your Debt/ Mortgage

Residential & Commercial Loans/ Mortgage

Getting a new mortgage to replace the original is called refinancing. Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage.. This type of refinancing requires the consumer or business to apply for a new loan at a lower rate and then pay off existing debt with the new loan leaving their total outstanding principal with substantially lower interest rate payments.

 

There are many Canadians jumping at the chance to own a recreational property. The aging baby boomer population is flush with capital and an insatiable desire for a waterfront or other recreational property. And with the advent of better roads, Internet and telephone service, satellite service, and winterization expertise, people are realizing that vacation properties can make ideal retirement homes. No longer just perceived as a welcome retreat from the city, a second home is now viewed as a solid financial investment with the added value of a potential retirement property. Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms. A loan (debt) might be refinanced for various reasons: To take advantage of a better interest rate (a reduced monthly payment or a reduced term).

 

If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring. A loan (debt) might be refinanced for various reasons: To take advantage of a better interest rate (a reduced monthly payment or a reduced term). Advantages of Refinancing a Mortgage to Pay off Debt. Lower Fixed-Interest Rates. The interest rates on a refinanced mortgage will be lower than the interest you pay monthly on a credit card. Single Monthly Payment. Improved Credit Score.

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