Mortgage refinancing is the process of replacing your current mortgage with a new one that has more favourable terms.

There are many reasons for mortgage refinancing. Maybe interest rates were higher when you first got your mortgage and they are lower now. Taking advantage of a lower rate can leave you with substantial cash that can be used to fund major expenditures. Whatever your intention is, the money provided by this widely used process can assist with large purchases, renovations or unforeseen medical expenses.

Refinancing your house is also an excellent way to get funding for that new home renovation project! Why not further increase the value of your home with the some of the equity you build within it.

Refinancing your mortgage to pay off your other debts can be a great way to improve your monthly cashflow. By consolidating all your debts into your mortgage, it may be possible to actually pay off your mortgage faster and for less money each month.