Refinancing a mortgage occurs when you take out a new mortgage to replace your current mortgage. When you refinance your mortgage, the remaining amount of your current loan is paid off and a new loan is created.

Common reasons to refinance your mortgage include:

  • To get a better interest rate.
  • To shorten your mortgage term.
  • To lower your monthly payments.
  • To change your mortgage structure.
  • To take out equity to invest elsewhere.
  • To consolidate debt from other loans or credit cards.
  • To manage an emergency situation.

Homeowners will often refinance because they want to switch between mortgage lenders to find one with more favourable options — although you may choose to refinance with the same lender.

If you are switching lenders, then it is important to be aware of the penalties associated with breaking your original mortgage. Examining these fees will help you decide whether refinancing will be financially beneficial for you.

Why work with a Huron Mortgages to refinance?

It can be very advantageous to work with a professional mortgage broker when refinancing.
Not only can we broker help you compare mortgage options to find the best alternative solution, they can also help you assess the financial benefits of a switch
Make sure that you’re refinancing your mortgage for the right reasons.

Refinance for Renovations?

Are you struggling to find the funds for your big home renovation project? Refinancing may offer the perfect solution. Homeowners can use the equity that you’ve built up in your home is a great way to fund the renovation that you’ve been dreaming of.

Debt Consolidation?

A mortgage can be used to consolidate your existing debt from other loans, credit cards, or unsecured lines of credit.

Mortgages will offer much lower interest rates and can help reduce the amount you pay on a monthly basis.

Home Equity Loan?

A home equity loan is any type of loan that uses the equity of your home as collateral.

Home equity loans will typically have lower interest rates, more flexible options, and allow access to more funds than unsecured loans.

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