Let's clarify what is the major difference between refinance and renewal before we move forward. Renewal is just a transfer of existing mortgage balance to a different lender or negotiation of new terms with an existing one.

Refinance, on the other hand, provides to a borrower a larger loan amount on account of equity taken out from the property value. The client receives cash difference of existing mortgage and a new mortgage amount on their personal bank account.

 

The majority of homeowners refinancing a mortgage are looking to accomplish one of the following:

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• leverage investment opportunities,

• take advantage of lower interest rates, or

• access funds for other important projects, such as renovations, children’s education

• fulfill their buckets list.

 

Licensed Mortgage Broker will assess available products including HELOC and refinancing to help you make a savvy investment choice.