REFINANCE OR RENOVATE
Improve your Home or Home Loan
Changing the terms of your existing loan using a new one is known as mortgage refinancing. You may apply for this financial option when you want to make your repayments more convenient for you.
Depending on your long term goals, refinancing can allow you to:
Reduce interest rates:
Qualifying for a better rate can save you thousands of dollars and possibly a lot more over the course of your loan.
Lower monthly payments:
If you are going through financial hardship, then refinancing can let you change your loan terms and adjust your payments.
Switch to a fixed rate loan:
Variable rate loans can be really stressful during volatile markets but refinancing can allow you to lock in a fixed rate.
Pay off the loan faster:
Whether you have recently gotten a promotion or switched to a higher paying job, you can shorten the length of your loan by refinancing.
Consolidate other debts:
When you refinance a mortgage, you also have the option to consolidate all your debt together into one easy to manage monthly payment.
Free up cash for renovations:
If you have equity in your home, you can be able to tap into those funds for a large purchase such as home renovations or even a vehicle.