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The Top 7 Reasons People Are Refinancing Right NOW 
As you probably know, interest rates are extremely low right now. And with low mortgage rates comes opportunity. These opportunities include saving money, creating wealth, or helping you cross things off the ever-growing wish list. To take advantage of these opportunities, you’ll need to refinance your current mortgage.
What is a refinance, you might ask?
It involves accessing the equity in your home and changing the terms of your current mortgage (rate, amortization, mortgage amount, etc.).  There is typically a mortgage penalty and closing costs involved. Usually, there would be no money needed from your pocket, but instead, you would use the equity in your home to cover these costs.  You would also take out additional funds to accomplish what you’re looking to do.
Why would you take out equity in your home right now?  
Here are 7 reasons my clients are currently refinancing their homes: 
1.       Optimize Your Current Rate.  In simple terms, trade-in your higher rate for a lower rate.  There would be a cost to do this, and we’d have to factor in a mortgage penalty and closing costs to make sure it makes sense.  This typically won’t cost you anything out of pocket, as the equity in your home would cover this.  Let’s say your mortgage penalty and closing costs equal $7,000, but the savings from a lower interest rate is $12,000.  This means you could save $5,000 and not pay anything out of pocket.

2.       Home Renovations.  You could use the equity in your home to finance that new kitchen you’ve always wanted, finish the basement and increase your livable space, add a pool to the backyard, add a rental suite to help offset your mortgage payments, etc.  

3.       Increase Monthly Cash Flow.  Are you carrying a balance on higher interest debt that you can’t seem to pay down?  You could put your high-interest debt with large monthly payments into a lower single mortgage payment.  This is done to increase your monthly cash flow while also replacing your high-interest debt with a much lower interest rate.

4.       Investments.  You could use the equity in your home for a down payment on an investment property.  You could also put those funds into a more traditional investment like Tax Free Savings Accounts or Retirement Savings Plans, etc.

5.       Pay For School Or Higher Education.  Do you have kids heading off to post-secondary education, or is there some form of education that you’ve always wanted to do but didn’t have the funds available?

6.       Buy A Second Home.  This could be a cottage-type property or even a second home for a family member who needs help.

7.       Start A Business.  Getting a business loan from the bank is becoming harder by the day.  Did you have a new business idea or side hustle you’ve wanted to start for a while but didn’t have the capital to do?  
Refinancing your home means different things to different people depending on your situation. 
Mortgage funds have never been this low, and I’m curious what opportunity you might be interested in? 
If you’d like me to crunch some numbers, please let me know.
I’m here to help.
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Warmest Regards,
Christina Pentlichuk.