As the leaves fall, get out from under a pile of higher prices and rising debt.
One mortgage payment at a lower rate may offer you the chance to tidy up your finances for now and later.
It happens to the best of us. Spending in the first half of the year can translate into getting your debt back in line in the second half.
With the summer holidays all spent, maybe you need access to extra funds for education or investment purposes, such as a down payment for a rental property.
Or you may feel buried by higher prices and need a funding rescue or lower payments to help get clear.
A mortgage refinance can offer you a one-payment, lower-rate chance to gather your leaves (aka consolidate debt) or sprinkle them where they count most (aka cover larger costs).
Let's look at how a refinance can simplify your financial plans while saving on interest.
*An added insurance premium of 0.2% will apply. Have questions? Please talk to your expert True North broker.
| What you need | How a refinance may help | |
|---|---|---|
| 1. 'Un-rack' racked-up sources of debt | With a much lower interest rate than a credit card, bring your debts together in one place to save money and time | |
| 2. Get out from under higher prices all around | Break out of your budget funk with a home-equity-funded reprieve | |
| 3. A leg up on minor home upgrades or investment plans | Get ahead of the curve on increasing your home's value or planning your retirement | |
| 4. Additional income sources | Invest in a rental property, or upgrade an area of your home or add a tiny home to your property to rent out | |
| 5. Upgrade your education (or fund your kid's or grandkid's) | Support your personal or family goals through one mortgage payment | |
| 6. Extend your amortization | Lower your mortgage payments by spreading them out |
By accessing the equity built up in your home, our highly trained, salaried True North Mortgage brokers can help you borrow the amount you need (depending on your home equity room and qualification details).
With a refinance, the funds you want to withdraw are added to your mortgage balance and paid along with your monthly mortgage payment. That makes it simple to pay back, rather than tracking all your other payments or possibly dealing with ballooning interest charges (on several debts).
A refinance means 'breaking' your mortgage contract to start a new one, either with the same lender or a different one.
You'll need to re-qualify for your new mortgage loan amount, including through the federal stress test rate.
Plus, if you're not refinancing at renewal time, possible pre-payment penalties and fees may be incurred (depending on your contract terms and rate type). These costs can often be rolled over into the mortgage, and you may still come out ahead for savings depending on your situation.
Some lenders have lower pre-payment penalties or cover some fees — we're here to help make your process simple and seamless with full transparency along the way.
In the midst of economic turmoil, funding or payment relief might help you save more later, and stress less now to focus on other important things in your life.
Refinance rates may be higher than normal renewal rates. But with our volume rate discount and access to several lenders, we can find the right solution for your needs at the lowest cost — certainly lower than other credit sources, such as credit cards, personal loans or some lines of credit.
We're here to help you save the most, for free and with no obligation. You'll get fast answers, an even faster process, and all your questions answered.
With over 15,000 5-star reviews and counting, we're your fallback for exceptional mortgage support.
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