Mortgage Refinancing with Morgix
Ray needed some extra cash, his credit was good, his income was good and he didn’t want a second mortgage. CIBC offered him what he thought was the best rate, 3.19%. Like any good consumer, Ray knew there would be a penalty for breaking his mortgage and did some shopping, stumbling into his friends at MORGIX.
Using commission the bank paid us to buy down the rate, he got a lower rate than his own bank representative could offer. This more than offset the cost of the penalty, putting extra money in his pocket and reducing his monthly payment.
You know who Ray’s calling when this mortgage comes up for renewal…
What is a Mortgage Refinancing?
Mortgage refinancing is a pretty common practice where you can take advantage of lower rates and renegotiate the terms of your existing mortgage. This is handy if you had been previously locked into a higher rate mortgage, due to a fixed term, or a bad deal. Refinancing will allow you the opportunity to save hundreds of dollars a month and could even speed up the time it takes to pay down the principal (the original mortgage amount).
*Occasionally while refinancing you can consolidate other high interest debt to help pay it down faster.
Why Would I Need to Refinance my Mortgage?
You may need to refinance if you’re in a bind, financially, and need to free up some extra money each month. Refinancing at the right time (with a Morgix Agent of course!) and a longer amortization (the period in which the mortgage is set to be paid down at the proposed rate) you could free up enough money to help with surprise expenses, or even a new vehicle.
- Lower interest rate = Lower payments
- Pay down mortgage faster