Office (Re/Max): (905) 476-4111
Cell Phone: (289) 221-2112
Mortgage Agent - Lic. #10409
Fax Machine: 1 (905) 656-6560
There are a few different reasons home owners may choose to refinance their home.
One reason is to consolidate debt. By taking money out of your home, you can pay down your debts, and you are left with one single payment. This payment will usually be at a lower interest rate than what your loans or credit cards were charging you.
Another reason some home owners choose to refinance, is to take the money in their houses and invest it elsewhere.
few things that are important to know about refinancing are as follows.
You can only refinance your home up to 80% of its appraised value.
Meaning you can only have up to 80% of its worth mortgaged. Refinanced
mortgages are offered the same low rates that purchases are offered, and your "down payment" will come from your homes existing equity (the remaining 20% of its appraised value). Any closing costs included will need to come from your own resources.