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  • Thinking of refinancing? Save time and money by contacting us at kking@kingcomortgage.com – we’ll help you find the right refinancing plan for your unique financial needs!

    Essentially a fancy term for paying off your old mortgage with a new one, refinancing can be a great way to lower your interest rate, consolidate and pay off debts, or even tap some of the equity in your home. You’ll be discharging your previous loan by getting a new loan with more favorable terms. Refinancing has become a popular tactic in today’s declining interest rate environment; borrowers simply pay off their old loan with a new loan at a lower interest rate. The only major impediment to refinancing is the large penalty you could potentially have to pay your lender for breaking the term of your mortgage. Borrowers must decide for themselves if moving to a new mortgage with better terms is worth incurring whatever penalty applies to them.

    If you’ve built up extra equity in your home you can even apply for a mortgage that is bigger than the one you want to discharge; the difference is deposited to you and can be used to pay off credit cards, send a child to college, do home renovations – whatever you wish! Borrowers who do this often see their monthly payments drop because lower interest rates more than offset the cost of their bigger mortgage!

    With a lower interest rate on your mortgage, home refinancing can save you tens of thousands of dollars over time. At LowestRates.ca, we’ll help you find the best home refinancing rates so you can spend less time paying for your home and more time enjoying it.