{"id":3894,"date":"2022-10-17T10:27:59","date_gmt":"2022-10-17T15:27:59","guid":{"rendered":"https:\/\/solutionshypotheques.ca\/?p=3894"},"modified":"2026-04-04T15:55:19","modified_gmt":"2026-04-04T20:55:19","slug":"how-refinancing-your-mortgage-can-save-you-money","status":"publish","type":"post","link":"https:\/\/solutionshypotheques.ca\/en\/latest-news\/how-refinancing-your-mortgage-can-save-you-money\/","title":{"rendered":"How Refinancing Your Mortgage Can Save You Money"},"content":{"rendered":"\r\n

In this era of tight credit and rate-hike cycling by the Bank of Canada, refinancing your mortgage can be a good way to save money. It involves taking out a fresh loan with different terms from your current\u00a0mortgage<\/a>. The new loan pays off the balance of your existing private home mortgage loan<\/strong> and offers some rate advantages.<\/p>\r\n\r\n\r\n\r\n

That’s because when you refinance your current mortgage, you can choose a loan with more favorable terms. This could include a lower interest rate or a friendlier repayment schedule. You can also change the type of mortgage from variable to fixed rate. But how does this work, and what are the benefits? Let’s take a closer look.<\/p>\r\n\r\n\r\n\r\n

The Basics of Mortgage Refinancing<\/h2>\r\n\r\n\r\n\r\n

Refinancing your mortgage means you essentially replace your current loan with a new one. The new mortgage loan pays off the balance of the previous one, and you begin making payments on the new loan.\u00a0Even if you refinance mortgage bad credit<\/strong>, you may be able to get a more favorable interest rate or repayment schedule.<\/p>\r\n\r\n\r\n\r\n

How Mortgage Refinancing Works<\/h2>\r\n\r\n\r\n\r\n

You always hear about people\u00a0refinancing their mortgage to consolidate debt<\/a>\u00a0or save money, but how does it work? Here are the basics:<\/p>\r\n\r\n\r\n\r\n

1.\u00a0\u00a0\u00a0\u00a0 Refinancing Your Mortgage Can Lower Your Monthly Payments<\/h3>\r\n\r\n\r\n\r\n

The most common reason people refinance home loans<\/strong> is to lower their monthly payments. This is done by either extending the term of the loan or by reducing the interest rate. For example, you have a $200,000 mortgage in Montreal with an interest rate of 5 percent and a term of 30 years. Your monthly payment would be about $1,027.<\/p>\r\n\r\n\r\n\r\n

Now, let’s say you refinance that same mortgage for a new loan with a term of 40 years. Your monthly payments would be reduced to about $775. That’s a savings of over $250 per month.<\/p>\r\n\r\n\r\n\r\n

2. Refinancing Your Mortgage Can Help You Pay Off Your Mortgage Faster<\/h3>\r\n\r\n\r\n\r\n

If you want to pay off your mortgage faster, you can refinance for a new loan with a shorter term. For example, you have a $200,000 mortgage with an interest rate of 5 percent in 30 years. Your monthly payment would be about $1,027.<\/p>\r\n\r\n\r\n\r\n

Let’s say you refinance that same mortgage for a new loan with a term of 15 years. Your monthly payments would increase to about $1,454, but you would pay off your mortgage in half the time. Plus, you would save over $60,000 in interest.<\/p>\r\n\r\n\r\n\r\n

3. Refinancing Your Mortgage Can Help You Consolidate Debt<\/h3>\r\n\r\n\r\n\r\n

If you have high-interest debt, such as credit card debt, car loans, or student loans, you can use mortgage refinancing to consolidate that debt into one low-interest loan.<\/p>\r\n\r\n\r\n\r\n

For example, if you have a $200,000 mortgage with an interest rate of 5 percent and a term of 30 years. Your monthly payment would be about $1,027.<\/p>\r\n\r\n\r\n\r\n

Let’s say you also have $20,000 in credit card debt with an interest rate of 20 percent. If you consolidate that debt into your mortgage, your monthly payments will increase to about $1,150, but you would save over $4,000 in interest over the life of the loan.<\/p>\r\n\r\n\r\n\r\n

The Benefits of Mortgage Refinancing With Us<\/h3>\r\n\r\n\r\n\r\n

North East Real Estate & Mortgage Agency has a team of experienced mortgage refinancing specialists who can help you find the best loan for your needs. Contact us<\/a>\u00a0today and learn more about the benefits of our mortgage refinancing services.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

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