What is Mortgage Refinancing?
Refinancing your mortgage refers to the process of renegotiating your current mortgage agreement for a variety of reasons. Essentially, refinancing allows you to pay off your existing mortgage and replace it with a new one.
There are a variety of reasons to consider mortgage refinancing, such as:
- You want to leverage large increases in property value
- You want to get equity out of the home for upgrades or renovations
- You want to expand your investment portfolio
- You are looking to consolidate your debt
What are the benefits of mortgage refinancing?
- Potential access to better interest rates
- Ability to consolidate your debt
- Utilizing your home equity to use funds for other purposes