At Team Jardine, our mortgage brokers specialize in Fredericton Refinance. Refinancing your mortgage allows you the freedom to pay off your current mortgage and replace it with a new one. This can help you borrow more money by taking advantage of the equity in your property to reach a variety of goals such as home renovation, build an investment portfolio, education or the purchase of an additional property.
A Fredericton Refinance can give homeowners many benefits. Refinancing your mortgage may lessen the interest rate on your mortgage, extend or shorten the length of your mortgage, or lower your monthly payments. However, refinancing should come with caution as it does not necessarily provide homeowner’s with the benefits wanted in every case. You could also take out a home equity loan or a line of credit to pay off all your high interest debt.
There are many things to take into account when considering a Fredericton refinance, such as: Do I have enough equity in my home? Will I qualify for a better rate? How will this move affect my existing agreement? How will this affect my finances in the future?
All these questions should be addressed with your Mortgage Broker.
Reasons why you should Fredericton Refinance:
- Mortgage interest rates are currently less than your existing mortgage rate
- Your credit history has improved and you might get better mortgage features and benefits
- You would like to lessen your monthly costs by including other debts you may have
- You would like to renovate your home
- Or to consolidate your debt
There are tons of reasons to refinance your home and they depend on your own personal situation.
Calculate the value of your property
Over the years, you’ve been building equity in your home by paying down the balance on your mortgage. If you are thinking about one of our refinancing solutions, the amount of equity in your home will be the factor to determine the amount of money you can borrow.
Your home equity will fluctuate based on the current market value of your home. That’s why it’s important to get an up-to-date property valuation. There are various methods you can use to determine the estimated current value of your home.
Determining the equity in your home
Once you have an estimated value of your home, you will be able to calculate your home equity.
Your home equity is the difference between the market value of your home and the total amount of debts registered against it including any mortgages.
Our mortgage brokers would love to answer any questions you might have regarding your mortgage or refinancing your home. You can reach us at Ph: 1(866)957-2263 or you can fill out the email form on our contact us page!