Need some extra cash for some renovations, a new car or other expense and have equity sitting in your home? This may be a great low-cost borrowing solution for you…
The terms and conditions of refinancing may vary widely by country and province and are based on several economic factors such as, inherent risk, projected risk, currency stability, banking regulations and borrower’s credit worthiness.
You may be looking to refinance a loan for various reasons:
– To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
– To consolidate other debt(s) into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
– To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
– To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
– To free up cash (often for a longer term, contingent on interest rate differential and fees)