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Mortgage Refinancing
With today’s low Mortgage rates and rising property values, many Canadians are choosing to refinance their existing mortgages and use the equity in their homes pay off credit card and loan debt.
Now is a great time to consolidate all of the high interest bearing loans and credit cards and dramatically decrease your monthly payments.
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| Before Refinancing |
After Refinancing |
| Existing Mortgage |
New Mortgage |
| Property Value |
$200,000 |
Property Value |
$200,000 |
| Existing Mortgage |
$100,000 |
New Mortgage |
$121,000 |
| Interest Rate |
7.5% |
Interest Rate |
5.34% |
| Monthly Payments |
Monthly Payments |
| Credit Card ($12000) |
$360 |
Credit Card ($0) |
$0 |
| Other debt ($9000) |
$270 |
Other debt ($0) |
$0 |
| Mortgage |
$731 |
Mortgage |
$727 |
| Total Payments |
$1361 |
Total Savings |
$634 |
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This example shows that we are able to refinance their existing mortgage and consolidate loan and credit card debt into their mortgage , and actually lower the mortgage payment. These clients are using the savings of $634 and investing in an RRSP for their retirement.
In order to take advantage of this program you must be a home owner and have at least 10% equity or more in your home. If you have any concerns or questions please include them in the application/comments section or email us directly.
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