Mortgage Refinancing Services Mississauga ON
If you are a homeowner with a mortgage loan, you have probably heard the term refinance tossed around during conversations. A refinance is a process that involves obtaining a new loan to pay off a current one. It refers to the replacement of a debt with new debt bearing different terms. It's taking a brand new first mortgage with another bank or the same bank but under different terms. The first loan is paid off, allowing the second loan to be created. Usually with a refinance loan, the goal is to have a better interest rate and better terms than the current loan. There are several reasons why people may wish to refinance their mortgage loan. A homeowner might want a lower interest rate or could be to consolidate debt or decrease the equity in the home to have some flexibility with cash. Homeowners might also consider a refinance if they are looking to lower their monthly payments. If you think a refinance of your mortgage loan is a good idea, you should start shopping around to find the best deal for you and your financial situation.