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Refinancing Your Home


To kickstart the new year, RBC is raising their mortgage rates and be prepared: other banks will most likely follow. Refinancing your home may be something to look into.

Why Refinance?

– Taking advantage of equity from your home – Getting out of debt & Debt consolidation – Lower interest rate mortgage – Job loss or maternity situation – Home renovations

Costs

– Appraisal fees (some legal costs if you haven’t had a mortgage before or penalties): roughly $300-$500 – If you have penalties, it is 3 months of interest on your existing mortgage or if the interest rate differential is more, it is the greater of that – Another option is that in the mortgage, you may have some hidden treasures like a payment holiday. If you’re in the job loss situation, you may have the option to defer your payments for 4-6 months – Home equity line of credit can be accessed to pay only the interest amount that you are able to use – Re amortizing your mortgage over a longer period of time with lower payments but higher interest – it can’t go beyond 25 years.

Seniors (55+)

– There is a reverse mortgage option. You can access up to 50% of the equity of your home – There is no tax implications especially if you are on a type of subsidy

If you are seeking financial help, we are more than happy to guide you. Comment below or give us a call!

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