I ENSURE YOUR MONEY SERVE YOU WELL
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:
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.