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4 Good Reasons To Consider Mortgage Refinancing Vancouver
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To say that the Vancouver market has been sizzling hot is an understatement. A survey in the Financial Post has rated this and Toronto property markets as among the busiest over the last one year with prices shooting up by a whopping 25% in 2015. For most homeowners, this has made it impossible to buy a home due to the influx of foreign buyers against the backdrop of a weakening Canadian dollar. Well, things are cooling off and if you are looking for a home, it is now easier to find one.
If you already have an existing mortgage, this is the perfect time to think about refinancing. With this being one of the most valuable property markets in the world today, you can use your home’s value to improve your finances. Mortgage refinancing Vancouver involves taking a new loan on your home before you are done repaying the earlier one.
This is one of the recommended financial management decisions by consultants where interest rates are falling. In Vancouver and indeed the rest of the country, rates have been falling and refinancing is a good decision. Here are some of the reasons to consider this financial decision:
1. Lower interest Rates
Mortgage repayment rates can bog you down financially but the market now offers lower rates which you can leverage through refinancing. If you can reduce your interest rate by 2%, the savings will be significant at the end of the day. Better still, you can also reduce the size of monthly repayments, which improves your cash flow. A mortgage specialist Vancouver comes in handy in helping you find the best rates in the market and also finds a deal that suits you perfectly.
2. Home Equity
Your home in the city is highly valuable and you can tap into this value to pay for large expenses. A home equity loan Vancouver can help offset educational costs, car purchases, renovations and other large costs that are characteristic of modern life.
3. Faster Mortgage Repayment
You can shorten your mortgage term and retain the same monthly repayments in order to pay off your loan faster. This means you will take advantage of the lower rates in the market and still pay the loan much faster.
4. Debt Consolidation
Home equity can help you reduce the amount of debt you are paying. You will simplify monthly finances, avoid multiple interest rate payments, consolidate monthly payments and improve your credit rating.
Talk to a mortgage specialist Vancouver to get the best refinancing rates in the market.
The author has been working as an experienced mortgage specialist in Vancouver. In this article, he talks about the four reasons to go for Mortgage refinancing. For more details, visit http://mortgagebrokerbc.com or Call Follow at https://plus.google.com/+MacMortgageApprovalCorpVancouver Location: 2233 Burrard Street #309, Vancouver, BC - V6J 3H9
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