Consolidate debt, pay for a major home renovation or other big purchase.
There are many reasons why someone might decide to refinance their mortgage, usually this is done when you have accumulated equity in your home and want to take that equity and:
- Pay off debt
- Do a major renovation (renovate a kitchen, bathroom, basement, backyard patio, pool, spa, add an addition)
- Change your mortgage’s amortization to make your monthly mortgage payment smaller
- Pay for yours or your children’s education
- Buy a vacation property
- Put a down payment on a rental property
As you can see, these are only a few of the things that you can use the equity that you have accumulated in your home. This is a perfect time to include a mortgage broker in your conversations to help calculate how much equity you have available, and how to best go about accessing it.
A mortgage broker can also look and see what options may be available instead of just simply refinancing. Mortgage brokers also have access to other banking products like a Home Equity Line of Credit. A mortgage broker will help you look at your big picture to see what options are available for you.