Before we list the reasons why you should refinance your mortgage loans, it’s important to understand what we mean by mortgage refinancing. To refinance a mortgage means to take on a new loan to pay off the existing one. Here are a few reasons why people choose to refinance their commercial mortgage or residential mortgage in Toronto:
Another reason why mortgage lenders are staying busy with providing mortgage refinancing is that the rates are extremely low as of today and borrowers can save more by refinancing. Plus, a “cash-out” refinance replaces the existing mortgage that you have with a new mortgage and allows people to keep the difference and spend it any way they want.
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