With both the resale (it’s a crazy sellers market) and new home inventory for sale in CW so extremely low thus far this year, area residents are turning to refinancing their homes with great zest.
Everyone knows that the value of their home has gone up considerably over the last couple of years in particular, but are shocked to find out just how much.
There are so many reasons to refinance. Growing pains/space needs, updating kitchens and bathrooms, basement apartments, windows, roofs, decks/patios, driveways, landscaping around the home. Other common reasons are to pay off high interest consumer debt, often combined with a much needed vacation to get away from it all, helping our kids with, well so many things including post secondary education, first cars and the list goes on.
The fact of the matter is that with rates still at all time lows, combined with significant new equity resulting from a sustained market ‘lift’, means that now is an ideal time to do what you’ve been dreaming of doing, to wrestle down and eliminate bad, high interest debt for good, to reduce and eliminate financial stress, and to invest in your future.
We are not concerned about rates rising in any significant way for some time. But there is a big black cloud on the horizon which is more federal regulations coming this spring which will make it even more difficult to qualify for a mortgage.
In short, today’s opportunity may well diminish or disappear in the not to distant future.
Did you know that a typical mortgage refinance can reduce your total monthly debt payments by more the 50%? Some as much as 66%, yup it’s true. Believe it or not, the net result of the vast majority of refinances we do, eliminates all debt and improves cash flow, even leaving extra funds for a rainy day.
This spells RELIEF for most people. Remove the financial stress you can’t seem to shake off.
We are also seeing a disturbing trend of older folks who have tons of equity, but who are living with severe cash flow contraints and stress, when it does not need to be that way at all.
So if you have debt that is weighing you down, or you are thinking of doing a major renovation, addition or buying a second home or cottage or rental property, do it now PLEASE!
Never in my thirty five years in this business have I seen conditions this favourable for refinancing.
Please call our professional team today to explore all options available to you.