Refinancing is the process of getting a new mortgage on a property you own! If you are looking to refinance a property you own, great, you have certainly come to the right place. We’re happy to help! We have helped thousands of clients of clients do exactly this and have the experience to make your time working with us a lot of fun! That’s the goal!

4 Reasons To Refinance

Although there are several reasons you might want to break your existing mortgage term and refinance your mortgage, usually reasons fall into one of these four categories.

1. Access To Equity

If your property is worth more than you owe on it, you might be eligible to refinance and access some of the equity you have built up. Typically you are able to refinance up to 80% of your property’s value. So as an example, if you have a property worth $500k, and you currently owe $200k on your mortgage, you would be able to refinance up to 80% of the $500K or $400k which would give you access to $200k.

What can you do with this money? Well, lots of things, that is up to you! It can be used towards the purchase of a second property, to start a business, buy a really fast car, or take a balloon trip around the world. What you do with your money is up to you!

2. Lower Your Interest Rates

Like gas prices, mortgage rates change all the time. The rate you secured when you bought your property initially might not be the best rate available on the market today. Although breaking a mortgage incurs a penalty, if the math is done and the long term savings on breaking your existing mortgage for a new lower rate makes sense, saving money becomes a no brainer.

3. Reduce Monthly Payment

Sometimes life happens, there are a lot of reasons why refinancing your mortgage makes sense to lower your monthly payments. Maybe your family has gone from two incomes down to one, or maybe you want some cushion to start a new business regardless of the reason if your existing monthly payments are becoming unmanageable, a refinance in order to lengthen your amortization might make good sense.

4. Debt Consolidation or Debt Repositioning

If you have credit card debt, student loans, car loans, a line of credit with an increasing balance or debt of any kind, refinancing your mortgage to access money to pay out some or all of your debts might make good financial sense. Typically unsecured debt costs more to carry than secured debt. If you own a property with equity built up, consider refinancing your mortgage to pay out higher interest debts.

However a word of advice, if you do refinance your mortgage to consolidate your debts, continue making the same payments as you had been before you consolidated, the extra payments will go directly to the principal mortgage amount and get you mortgage free a lot faster!

Refinance Guide

Want to know more about refinancing your home? Well… do we have the ebook for you! The team at HomeHappy has put together a complete Refinance Guide and by subscribing to our newsletter, we will give you a copy! Feel free to contact us anytime and we will see if refinancing your home makes good sense! Oh, and btw… although we would be sad to see you leave, you can unsubscribe from our newsletter anytime, so no pressure!

Want to know more about refinancing your home? Well… do we have the ebook for you! The team at HomeHappy has put together a complete Refinance guide and by subscribing to our newsletter, we will give you a copy! Don’t worry you can unsubscribe from our newsletter anytime, so no pressure!



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Mortgage Broker BC


Phone:  604-536-8208

#300 17650 66A
Surrey, BC
V3S 4S4