Mortgage refinancing involves paying off an existing mortgage with a brand new one. It is normally done to take advantage of a lower interest rate, consolidate debt or access additional equity in your home. You can refinance as long as you don't exceed more than 80% of the equity in your home.
If you are neck deep in high interest debt (i.e. credit cards, personal loans, etc.) and have equity in your home, refinancing your mortgage is a great solution to your debt problem. Refinancing with either a mortgage or a Home Equity Line of Credit (HELOC) can help you lower your monthly payments and pay off your debt quicker. It can also help you manage your expenses better in making one monthly payment as opposed to several payments a month to cover all your debt obligations.
For more information please contact
Vertuity Mortgage Inc
3200 Roblin Boulevard, Winnipeg, Manitoba, R3R 0C3
Ph: 204.888.HOME (4663)/ Fax: 1.888.245.9717