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What does Refinancing mean?

Refinancing refers to taking money out of your property. In other words, you already own your property and you wish to use some of the equity you have in it to take out some money, for several possible reasons.

1. Investments
2. Provide money to your children
3. Purchase a car/boat/motorcycle/RV, etc.
4. Or for any other reason, the choice is yours

You've worked hard to pay down your mortgage or pay off your house and now you would like some of this money back. Consider your home to be like a 'bank account' that you've saved money in. By refinancing your home, you have access to this 'bank account'.

Here's an example of how you might refinance your home:

Your home's value: $200,000 Your 1st mortgage: $100,000 You want $50,000. We can provide you with a 2nd mortgage of $50,000 or we can refinance your first mortgage, if it makes sense (based on certain conditions such as your credit and income), and we will tailor your mortgage to suit your needs. For example, we can discuss your options concerning variable rate mortgages, adjustable rate mortgages, fixed rate mortgages, open and closed mortgages, mortgages with terms from 6 months to 10 years and more!

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