What Makes Mortgage Refinancing a Smart Financial Move?
Residential mortgage debt in Canada rose by 3.5% compared to the previous year as of July 2024, reaching a total of $2.2 trillion. This significant growth reflects the increasing reliance on mortgages to finance homeownership. Mortgage refinancing in Toronto is an excellent opportunity for homeowners to improve their financial health. By refinancing, you can replace your existing mortgage with a new one at a better rate or with more favorable terms. This approach can help save money, consolidate debts, or manage essential expenses effectively. In this blog, we will explore essential reasons why mortgage refinancing in Toronto is a smart financial move. From lowering your interest rates to accessing home equity, we’ll break down how refinancing can benefit you in simple terms. Reasons Why Mortgage Refinancing is a Smart Financial Move Lower Your Interest Rate One of the main reasons people refinance is to secure a lower interest rate. A lower rate can reduce your monthly paymen...