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How does a mortgage refinance work?

Curious to know a bit more about refinancing your mortgage?

Don’t feel like watching? Read the transcript below.

Refinancing your mortgage is a little bit different than buying a new home. There can be many benefits from doing this. When you refinance your home we can finance up to 80% of the market value. That is important because you’re going to use the 80% proceeds of your refinance to pay out the existing mortgage on your home. The balance of your proceeds can be used towards paying off your existing debt, renovating the property, or maybe you want to invest the funds. If you’re curious to know if a refinance will work for you or if that’s the right decision for your household feel free to give us a call or make an appointment.”

Have more questions? Feel free to contact us!