LeSolace Corporation FSRA 13416

After buying a home, building equality in the property is an excellent bonus. Once you build up equity, you can tap into it when needed! Maybe you want to purchase a residential rental property or a vacation home. Perhaps you want to give a gift to a family member for a downpayment on a new home. Or it could be time to make some home improvements, pay tuition, buy a car, or pay off high-interest credit cards.

Paying down your mortgage increases your equity. Keep in mind that your equity can also increase if your home value rises. For starters, subtract the outstanding amount of your mortgage from the price you paid for the property to find your equity. The more equity you have, the more options you have!

Contact us today at LeSolace. Our goal is to take away the stress from your life when dealing with debt. Our licensed agents and mortgage broker are ready to help you with mortgage underwriting and credit structuring. LeSolace has affiliate lenders for mortgages in both alternate and institutional lending domains.

We all know that refinancing refers to financing something again. Usually, this involves a new loan with better, aka lower, interest rates. Refinance + pay off debt is something many people choose to do to move towards more financial freedom. Does that sound like something you benefit from doing? Are you looking for more financial freedom?

When you refinance, you are basically getting rid of your old loan and getting a new one. A lender pays off one mortgage with another. People often refinance to pay off debt, even though you can use a cash-out refinance agreement in other ways, such as car repairs or home improvements. Paying off high-interest credit cards often tops the list when it comes to the reason behind applying for cash-out refinancing.

Reports show that 54% of Canadians don’t pay off their credit cards every month, and 50% of them are in debt for more than a year. The average annual percentage rate is more than 16%! Refinancing options are often much lower!

Here at LeSolace, we put together lend + solace. Google defines solace as “comfort or consolation in a time of distress or sadness.” This is our goal to bring peace to you during this often challenging time of change. Everyone has a different situation to get an idea of the process online, but talking with a professional is essential.

Why refinance? Check out the top three benefits!

Lower interest rates: Reducing your interest by 1% could consider a win. If you can reduce it by 2 %, that makes refinancing a great deal.
Consolidate debt: Having all your debt in one place makes payments more manageable. Consolidation allows you to move into a more efficient model while removing the monthly payments and various terms and conditions.
Get rid of mortgage insurance: To get rid of private mortgage insurance, homeowners move into a conventional through refinancing an FHA loan. This action is feasible once a person has earned 20% equity in their home.

Many clients are still facing financial challenges due to the economic impacts of COVID-19. While the Government of Canada continues to offer financial and economic support, we’ve also been reaching out to offer our help - to ask how clients are doing, answer any questions they may have about their Mortgage and to see if we can help, as they manage through the weeks and months ahead.

Have questions? Book an appointment to speak with one of our agents today, by phone, video chat. Regardless of how you prefer to connect, we’re here to help.