Mortgage refinancing allows for a fresh financial start and an opportunity to create a responsible financial plan for the future. There are several reasons you might be looking into refinancing your mortgage, such as:
- Switching lenders (i.e., private mortgagees, banks, or trust companies) so you can take advantage of a better mortgage rate and terms;
- Consolidating multiple credit cards or lines of credit with high interest. These debts can be paid out using mortgage funds while taking advantage of the lower interest rate and better terms;
- Consolidating multiple mortgages or home equity lines of credit into one to make payments to only one debt and make repayment more convenient;
- Needing funds to buy out a former spouse’s share in the house as part of a separation or divorce process;
- Paying out an existing mortgage or home equity line of credit with the funds from a new lender;
- Pulling out equity from the property for personal use.
Regardless of your particular purpose, a mortgage is a complex transaction. Having one properly completed by a mortgage lawyer in Calgary ensures you reach your goal without surpises. Mortgage lawyers understand the legal intricacies of real estate financing regardless of the size of your mortgage, type of real estate or purpose of your financing.