Refinancing

Refinancing is the process that pays the existing mortgage on your home and sets up a completely new mortgage.

There are many reasons a person would choose to refinance their home.

• To Help Fund Home Renovations

• To Purchase Another Property such as Vacation or Rental

• Reducing Consumer Debt

If your home has equity, and you have a large amount of consumer debt, you can refinance your home to take out the existing equity to use to pay down your debt. In this situation, you can refinance your home for 90% of the current value.

*Before You Start:

Remember that refinancing to reduce debt can be a smart move, but refinancing in order to borrow more for consumer purchases (car, vacation, etc.) could set you back significantly.