Refinance

A mortgage refinance is the term used to describe replacing an existing first, second or third mortgage with a brand new mortgage. The new mortgage can be for an amount equal to or greater than the existing mortgage(s).

Refinances are particularly usefull in a market of declining interest rates, as a replacement for a mortgage that was arranged at a higher interest rate due to credit or income issues, to replace expensive credit card debt, or in the case of a homeowner having an existing mortgage that has an open term.

Refinances allow for homeowners to use the equity they have built in their homes for investment purposes, purchases, credit card debt consolidation, gifts, etc. and take advantage of savings introduced by lower available mortgage interest rates.

For more information about refinances, contact one of the qualified mortgage professionals at Alberta Mortgage or Apply Online.