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5 Benefits of Refinancing To Save Yourself More Money

5 Benefits of Refinancing To Save Yourself More Money

If you’re looking for ways to save MONEY, the benefits of refinancing can HELP!

If the pandemic has left you struggling financially or you just want to lower your mortgage interest rate, improve your credit score, pay for a child’s college education or consolidate credit card debt, there are ways you can benefit from refinancing. Don’t be afraid to ask questions about your personal finances and the ways that you can potentially consolidate high interest debt and lower your mortgage interest rates, saving you money simply by consulting with your financial institution or someone like Satpaul Saroya and the team at E2E Financial. Exploring all of your options and working together with you, we help people understand the benefits of refinancing AND we make the process painless too!

Here are just a few of the benefits of refinancing:

  • You can potentially increase your available disposable income, accessing the quick cash you need now.

  • You might lower your monthly mortgage payments, or consolidate debt (including credit card debt) so you can move toward making just one affordable monthly payment.

  • You could improve your existing mortgage loan terms – potentially moving from a fixed to variable rate mortgage or vice versa and/or renegotiate the terms of your mortgage duration (either shortening or lengthening your mortgage term.)

  • You might find yourself in a position to utilize the equity in your home for debt consolidation purposes, saving you money NOW and over the LONGER TERM.

  • You’ll be able to predict your expenses more efficiently. Knowing your monthly costs (especially consolidated debt expenses) allows you the freedom to plan more appropriately for your financial future.

The amount of potential money saved just by lowering your mortgage interest rates could be the difference maker between living your life comfortably vs. living a life that’s full of hard work, just to pay off outstanding debt. Isn’t it time you thought about paying yourself first? There are other reasons you might consider refinancing that aren’t strictly about saving money. Perhaps you:

  • Want to invest – taking advantage of a market opportunity.

  • Renovate your home – use the equity already in your home to improve it.

  • It’s time to send the kids to school – university or college can be an expensive proposition; refinancing can help.

  • You want to take advantage of the lower interest rates and you’ve already factored in any costs associated with prepayment penalties and it just makes good sense to refinance now.

  • You’re thinking of starting a family and there will be a potential short-term loss of income along with an associated increase in expenses that comes from having a child.

E2E Financial helps you understand the benefits of refinancing and whether it’s right for you. We ask the questions and help you to understand important considerations like how much equity is already in your home, what is your current credit score and whether refinancing will help to rehabilitate a poor credit score. We take the time to work together with you to ensure you leave our Mississauga based offices with a good understanding of how to use any “extra” cash made available through refinancing. We want you to succeed long term and refinancing just to access some easy cash now won’t benefit you over the longer term if you just keep spending!

We’ll walk you through the process of refinancing which looks a little something like this: A lender (or E2E Financial) will calculate your loan-to-value ratio by dividing the balance outstanding on your mortgage, along with any other debts secured by your property, into the current value of your property. Generally, if the value is lower than 80%, you might qualify for refinancing but we’ll also want to look at your current income, any investments or savings, RRSP holdings and any other outstanding debt.

Any way you look at it, the benefits of refinancing might be just what you need to succeed. It can hep you through a tough time, a short term financial crisis brought on by job loss or simply allow you to access the equity in your home in order to improve it. E2E Financial works with a number of financial institutions to help you find the available income you need today! Our offices are in Mississauga but we work throughout the GTA and the province of Ontario. Succeeding together, we provide speedy solutions to those who need personal financing assistance now! Contact us today and find out how you can potentially apply online and in as little as 90 minutes we just might be able to help you reap the benefits of refinancing!

Succeeding Together:

E2E Financial Provides Speedy Solutions for Personal, Business, Construction and Commercial Financing and Loans!

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