Mortgage Refinancing In Post Oil Alberta
Let's be honest: ever since oil took a nose dive a couple of years ago, things have been trickier in Alberta. The economy has taken a hit, and with rumors of a Canadian property bubble and the looming NAFTA renegotiation on the horizon, we might yet be in for an even bumpier ride.
The good news is that there's never been a better time to plan your financial future, and that includes mortgage refinancing in Alberta.
Mortgage Refinancing Alberta: Equity In Your Home
When times get tough, it gets harder and harder to access financing for emergencies, college tuition to retrain in a high demand job or start a business, but if you're a home owner, you already have funds locked up in equity, in you home.
Mortgage refinancing can help you to unlock up to 80% of that value, less the value of any existing mortgage you already have, freeing up much needed cash.
Cut Your Monthly Costs
Another great reason to consider mortgage refinancing now is to restructure your monthly costs and obligations.
If you last revisited your mortgage during the oil boom, chances are your situation has changed a little, and you might find that by refinancing now, you can cut your expenses so you can save more and breathe a little.
There Is a Downside
Generally, mortgage refinancing is a great way to make big changes to your immediate financial situation, but there could be a downside. You might have to pay a penalty to refinance, and with interest rates having just increased, you might not get as good a rate as you used to have. An expert mortgage broker will give you the facts so you can make an informed and educated decision.
Talk to the Pros
The truth is, like everything else, there are pros and cons to mortgage refinancing, and they differ vastly from one case to another. There's no one size fits all, stock solution out there, and the best way to find out whether this is the right choice for your financial future is to talk to an experienced mortgage broker.
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