Refinance Your Mortgage

There are many reasons to look at refinancing: home renovation, buying additional property, seeking more favourable rates and payment schedules. It may also be worthwhile if you find your current mortgage no longer meets your needs or your circumstances have changed. Meet with a BlueShore Financial advisor to review your goals and refinancing options. 

Your annual property assessment is a good starting point for determining your home’s value. You may also want to get a market value assessment from a real estate specialist. We can help connect you to the professionals you need.

As rates change, refinancing your mortgage may help you save money in the longer term. There are several options available. You can simply pay your mortgage out in full and refinance before your current mortgage’s term ends, however, there will be prepayment penalties for doing so.

Another strategy is to "blend and extend." This allows you to take your existing mortgage rate and blend and extend it with a new rate for a new term length at a weighted average. This option allows you to take advantage of lower interest rates now and also avoids the prepayment penalty.

Review your options in full with a BlueShore Financial advisor. They can help you determine the best path forward for you and your refinancing needs.

A home equity line of credit (HELOC) offers home owners a variable-rate revolving credit line similar to a credit card with a maximum spending limit. This lets you borrow money, pay it back and then borrow more as needed. Accessing the funds requires an application similar to starting a mortgage. The lender will appraise your property, run a credit check, and look for confirmation of your income. Ask our advisor for expert mortgage guidance and more information.

It may make sense in the long term to consider refinancing your mortgage when there are lower rates available. Even with penalties, you may be able to save more money on you overall payment.

If you refinance before the end of your current mortgage term you are changing the terms of the agreement you made with your lender and essentially breaking the deal. In some cases, depending on the new rates and conditions, it may make more sense to refinance your mortgage. When the differential between the old and new rate is big enough to overcome the penalty, you actually save money over the term of the new mortgage.