There are many reasons why you might be thinking of refinancing your mortgage.
- Taking advantage of a lower interest rate
With interest rates being at the historical low, there has never been a better time to refinance your mortgage. This can significantly save you money and increase your monthly cash flow.
You may want to refinance your existing mortgage and purchase an investment whether it is stocks, bonds, investment property or new business opportunity.
- Convert a Variable Rate Mortgage into a Fixed Rate Mortgage
The interest rates on a variable rate mortgage might be low initially, but the fluctuations are unpredictable. Some people find these constant variations in the interest rate concerning and prefer to refinance the mortgage into a secure fixed rate.
You may want to refinance your mortgage and pay off credit card bills and other high interest obligations. This will allow you to save a considerable amount of money and free up your cash flow.
- Achieve your other life goals
Whether you always dreamt of taking a dream vacation, buying new car, renovating your house or sending kids to university or college, mortgage refinancing can make those dreams come true.