With the recent surge in real estate values across Canada, the equity in your home has also likely increased significantly. Refinancing your current mortgage to reinvest in your own home, consolidate your debt or invest in additional property is a smart way to get your money working for you. Let your Mortgage Fit Broker uncover your untapped wealth.
Renovations & Repairs:
As your home ages and design style evolves, renovating or repairing your home is a practical investment that can improve the worth of your home. Maybe you need to replace an old roof, install the kitchen of your dreams, or add a suite to generate income. If you don’t have cash on hand to pay for these renovations, one option is to refinance your home to access the money you need.
Equity Take Out:
Often your most substantial personal wealth is the equity in your home. Perhaps you are considering purchasing a new family home or investing in a rental property. You may be able to access and leverage the equity your home to invest in an additional property. Please note that some banks have restrictions on the amount of equity that you can access, but some funds may be available to you.
Debt Consolidation:
Mortgages offer some of the lowest interest rates, and are one of the few types of debt considered “good debt.” If you are carrying debt in car loans, lines of credit, credit cards or other high interest loans, debt consolidation can be a smart move. You can save on monthly interest payments or reduce over all payments, enabling you to budget more accurately and increase your monthly cash flow.