🏡🤑How Can Refinancing Help You?🤑🏡

 Can you use your home to help pay off debt?

• YES, this is called a refinance 

How?

• Even if you haven't paid off a significant amount on your mortgage, or it is a fairly new mortgage (within the last 2 years), you have equity.
• 
  Equity is obtained by 1 of 2 ways, paying your mortgage down, and increase in the value of your home
• In the last few years, we have seen some very major increases in the price of houses.  This come as an advantage to those who aren't in a position (or don't want to) sell.
• A refinance doesn't take all of your equity, but you can take up to 80% of the CURRENT value of your home to do renos, pay off consumer debt, even go on a holiday.

Is this a good idea?  

• short answer YES!
• diving deeper, if you have consumer debt, credit cards, lines of credit, student loans, vehicle loans that are a higher interest rate than you are paying on your mortgage WHY NOT? 
• Why would you keep paying 19-25% in credit cards with no end of paying them off?
• Why would you keep a balance on your line of credit that is over 6%?
• Why would you pay $400-800/month in a vehicle payment when you can roll it all in to 1 payment?    
• A refinance not only saves you in unnecessary interest it can also reduce your monthly payments by HUNDREDS of dollars a month.

What does this look like for me?
If you are like me and you bought your house in the last 4 years you have seen neighbors sell for a much higher amount than you paid.  This is good news for you, you don't have to sell, but you can capitalize on the higher prices.....

  

Example: 

-purchased house 3 years ago for $400,000 with minimum of 5% down payment.

 Today your mortgage balance would be approx. $353,000 (based on CMHC insured mortgage and fixed rate 3.29%)

-your house value is now moved up to $600,000 and although you have only paid down $47,000 you have $247,000 in equity.

HOW MUCH CAN I GET ?

You can access up to 80% of your market value.  So for the above example, you could access $127,000. 

Let's recap the above...... you put down $20,000 of your savings 3 years ago and now you can take out $127,000 this is too good to be true! Yes it really does sound like it would be but it is true.  

You mean I don't have to sell my house to benefit from the rising house prices?? NO YOU DO NOT HAVE TO SELL!!  You can take a new mortgage out on the property you currently own and pay off debt, do renos, go on vacation, purchase a car.... really it is up to you, it is your money.

What happens next?
-Short answer just APPLY now, our refinance team is waiting to review your application and will review the amount of equity you can access.  There is no obligation to you we will provide you with options and you will decide if this is right for you.

Get in touch today!

☎️call or txt 604-705-2999
📧email harmonymortgage@gmail.com

click apply now below!

~Carie and Tammy Harmony Mortgage Group~