01
What is a mortgage refinance?
A mortgage refinance refers to the process of getting a new or replacement loan for your existing home. Mortgage refinancing replaces your current mortgage with a new loan ideally at a lower interest rate. You can also change terms and conditions to suit your current circumstances, needs or desires. You can also request a cash-out refinance that would provide cash for projects related to your home or other uses.
02
The Benefits of a Mortgage Refinance
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Lower interest rate
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Lower monthly payment
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Shorter or longer repayment period
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Withdrawal of some equity
03
Debt Consolidation Mortgage
A debt consolidation mortgage is when you borrow more than you owe on your current mortgage and use the difference to pay off car loans, student loans, credit cards or other debt. Some programs allow you to borrow more of your home’s value than others.