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Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and sets-up a completely new mortgage(s). There are many reasons to why you should consider refinancing your mortgage:

Consolidate debts:
If your monthly bills have gotten out of control, you might be able to refinance your home and pay them off. The advantage of doing this is to lower your total monthly payments. You should have a mortgage specialist at review your situation and make a recommendation.

Refinance a First & Second Mortgage into a new First:
If you have two mortgages on the same property, you can combine them into a new first mortgage, as long as the total amount does not exceed 90% of the value of the property. If the new mortgage is over 75% of the value of the property, normal CMHC/GE Capital premiums and guidelines apply, and one thing to remember here is that only outstanding amounts can be combined - any discharge penalties and costs must be paid separately at closing (please note that we have cash-back programs to help with these penalties).

Financing a Renovation:
If you are doing major renovations (spending over $15,000), it could be less painful monthly with a mortgage as opposed to a loan or line of credit.

Financing the purchase of other investments:
You can use the equity in your home to finance the purchase of investments, and also benefit from the lower carrying costs of a secured line of credit or mortgage and also write-off the interest costs against the taxable incomes.

Financing the purchase of investment property:
If you have the equity and have a desire to be a landlord, you could take equity out of your property by refinancing the mortgage to use towards the purchase of an investment property. This is also called leveraging of your assets.

Financing children's education:
The best thing we can do for our children is be good role models to them, teach them to be responsible citizens, and give them a good base with a good education. With the high cost of many things nowadays, as well as education, it is sometimes difficult to have that kind of money in the bank, but you many have it in the form of equity in your home. Education is something they will never lose on.

To refinance your mortgage today to your advantage, contact a mortgage specialist at or simply APPLY ONLINE NOW with no obligation whatsoever.

Closing Costs related to Refinancing:
The regular costs related to the refinancing process are: appraisal ($150-$214), legal fees & disbursements ($700-$1000), title insurance if survey not available ($225), CMHC/GE Capital Premium is mortgage is high-ration (this cost can be added to mortgage), PST when CMHC/GE Capital premium is required, and any discharge penalties.
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