Mortgage Articles

Mortgage Refinancing in Canada

Refinancing a mortgage is the process of paying out your existing mortgage in order to lock in to a better mortgage and to consolidate any high interest debt by converting it to a new mortgage. There are numerous reasons to refinance your mortgage. An Alberta Equity mortgage associate will ask you the necessary questions and guide you through process of refinancing your mortgage. We can provide you with the expertise you need in order to get the most out of your next mortgage.

Refinancing with no increase in mortgage balance

It is recommended that you review your mortgage at least once a year in ensure you are getting the best possible rate. Although many mortgages are locked in, there are those that can benefit from being refinanced into a lower interest rate. This is accomplished by breaking your current mortgage, paying out the pre-payment penalties and then locking in at a better rate. In order for this to be successful, an Alberta Equity mortgage associate will do the necessary calculations to see if the savings of the new mortgage outweighs the penalties involved in breaking the current mortgage. In several circumstances, we have seen many Canadians increase their savings by several thousands of dollars simply by refinancing their mortgage. In order to get your mortgage refinanced, you should consider using a mortgage broker because they will have the best mortgage rates available and will help you to determine your best course of action.

Refinancing to buy Investments

By putting the equity in your home to work for you, you can also finance the purchase of investments while making your mortgage payments tax deducible.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation or alternatively, view our products and services.