Should I Refinance My Mortgage?
Channel: Ask Ana Cruz
Date: 2021-02-07

Hey everyone, welcome back 
I wanted to take a moment to thank you for all the feedback on our video series, I’m so glad you are enjoying them. 
This week, I want to address a question, that I seem to be answering almost daily.
Should I refinance my mortgage? 

So first let’s look at why people refinance? 

When you break it down, there are really only two reason

1. Looking for a lower interest rate = lower monthly payment = less interest paid

1. To borrow additional funds from the equity in their home, to either paid down high interest debt, purchase a second property, it’s different for everyone.

So if you are interested in refinancing or have questions, here is what’s involved. 

First, we need to understand what your penalty is going to be, 

this will determine everything. 

Once we have the penalty information, we can work out your scenarios.

These days with rates being as low as they are,  the fixed penalties are high.

So here is what I ask all of my clients

What is more important to you? 
Paying your mortgage off as fast as possible?

OR 

Increasing your monthly cashflow? 

How you answer that question will determine your decision, sometimes regardless of the math.

The key here is speaking to a mortgage broker (like me) 

who looks at your situation from all angles and presents you all the facts, good and bad. 

So if you are interested in looking at your options, 

whether it’s to get a lower interest, and pay that mortgage off faster 
or if it’s a cash flow decision, I’m here to help. 

I look forward to helping you with your options. 
Until then, have a wonderful week. Take care

Want to connect?
Email me at ana@askanacruz.ca | Call or text 905-870-0513 
Alternatively our office can be reached via text at 289-769-8864

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