You can borrow up to 80% of the market value of your home, less the outstanding balance of your mortgage
Mortgage refinancing is typically a more economical option than taking out a personal loan, since the interest rates are lower.
Refinancing can give you financial leverage by helping you improve your long-term financial situation. You can put the money freed up from the net value of your home to good use by investing it, if the investments offer higher returns than the interest you’re paying on your mortgage.
Whatever your plans might be, talk to your broker from “the Mortgage Processing Center” to explore the various options open to you and learn about their advantages based on your profile.
There are a number of reasons to consider refinancing your mortgage:
- Renovating your home
- Investing in your RRSP or other investments
- Buying a second home
- Financing your children through school
- Consolidating your debts to reduce your monthly payments
Refinance your mortgage to grow your money
Refinancing your mortgage lets you tap into the equity in your home to free up the funds you need to invest in a range of investment vehicles. Refinancing essentially works as a lower-cost loan that can give you access to up to 80% of the market value of your property, less the balance of your mortgage.
The Mortgage Processing Centre.ca suggests you contact a member of the Financial Services Regulatory Authority of Ontario ( FSRA), a professional who can take the time to meet with you to evaluate your financial market knowledge and risk tolerance and develop an investment strategy with you. You should also know that you can use mortgage refinancing to increase your RRSP contributions. Members of the AMF will be pleased to advise you on the different types of investments available to meet your needs and expectations.
Live out a dream
You probably have plenty of dreams you’d love to see come true—but having the money you need to make them happen is a whole other story! Did you know you can refinance your mortgage to free up the funds you need to make your wildest dreams come true?
Whether you want to buy an RV or travel around the world, The Mortgage Processing Centre.ca’s mortgage brokers are here to listen and explain your options when it comes to turning your dreams into reality.