Information On Mortgage Refinancing

There are many reasons to enter into mortgage refinancing by refinancing your existing mortgage loan. Below LendingLeaders has mortgage information to explain some of the more popular reasons:

Reduce Monthly Mortgage Payments
Take Cash Out

Reduce Monthly Mortgage Payments

Home mortgage refinancing can be a great way to lower monthly mortgage payments. There are two prime ways to accomplish mortgage refinancing. The simplest reason for home mortgage refinancing with a new home loan is because most lenders are offering a lower current interest rate than your existing mortgage. In fact, a drop of just a half to three quarters of a percent in mortgage refinancing can lower your payment significantly.

You can also lower your mortgage payments through mortgage refinancing by changing your mortgage term. Switching from a 15 to a 30-year home mortgage refinancing term can significantly lower your monthly payment. If long-term savings is your prime goal with home mortgage refinancing, you may be able to save thousands of dollars over the life of your loan and pay off your loan much sooner by reversing this process and switching to a shorter loan term with mortgage refinancing.

With rates near historical lows, this may be a perfect time to save with home mortgage refinancing. To have one of our lending partners help you evaluate potential savings with mortgage information, simply fill out our application form

Take Cash Out

Would you like to have money to pay off credit cards and other high interest debt, finance home improvements, buy a new car, finance a second home purchase, pay a college tuition or even go on vacation? If so, perhaps a cash-out mortgage refinance is for you.

Typically, you may be able to take out up to 75% of the value of your home, but with some options this may rise to 90%. Also, unlike borrowing on credit cards, which utilize compound interest calculations, mortgages use simple interest, which may save you significant interest. Moreover, interest paid on mortgages is tax deductible (see your tax professional to evaluate) and this may result in additional savings.

Mortgage rates are at historic lows and opportunities continue to exist to save a significant amount on your monthly mortgage payment. Use our mortgage loan form below and receive a free refinance mortgage quote.

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Tom : 604-725-0134 | e-mail tom@mazuma.ca