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Refinancing/ Debt Consolidation 

Verico Designer Mortgages Inc.

Refinancing a mortgage means paying off an existing mortgage and replacing it with a new one. There are many common reasons why homeowners refinance.
     1.   The opportunity to obtain a lower interest rate
     2.   In order to access equity in your home, to purchase a rental property, second home for a family member                  or a cottage.
     3.  Refinances can also be used to access the equity in your home to do renovations, install a pool etc.
     4. Refinaces can be used to consolidate debt, to pay off credit cards, loans or lines of credit that usually are                  charging higher rates of interest.
Refinancing can cost between 2% and 4% of the mortgage loan's balance. This cost would include a penalty payable to your financial institution, an appraisal may be needed, title search and lawyer’s fees are payable. It is important to determine whether the reason for refinancing offers a true benefit,  this is where we can help. We would do the calculation whether it make sense to refinance or if it would it be more beneficial to put a second mortgage behind your existing mortgage?  Call us today to help you make this decision!