Here are some questions you can ask yourself when deciding if you should
- Has there been an increase to the value of your property and would like to
borrow some of the equity that is now available?
- Is your current mortgage rate no longer a favourable based on new lower
- Do you have a major purchase coming up and would rather use mortgage funds
to finance it as opposed to a personal loan or line of credit? The reason
for this is mortgage interest rates are typically lower than unsecured debt
- Have you renovated your home and need to reimburse yourself for the
- Do you have a variable interest rate and would like to switch to a fixed
- Has there has been a change in your financial situation?
- Would you like to consolidate debt?
If the answer to any of these questions is yes, then it may be a good time to
explore mortgage refinancing options.