Canadian homeowners dealing with mounting debt and rising mortgage costs due to increasing interest rates may want to consider refinancing their loans, according to mortgage and real estate expert Victor Tran. Refinancing provides a chance to change the interest rate and amortization, while also giving homeowners access to the equity they’ve built up in their property, which they can then use for quick cash, renovations, investments, or debt consolidation. Consolidating debts with a single interest rate and payment streamlines finances, especially in light of the current rising cost of borrowing. However, Tran warned that refinancing may not be the right strategy for everyone, as not all homes have enough equity, and the fees associated with refinancing can be significant. It ultimately depends on a homeowner’s financial situation, their home’s value, and the costs of refinancing. Those interested in refinancing should speak to their mortgage agent or lender directly and consider the up-front fees, penalties, and the impact on their payments over the lifetime of the loan before committing to the process.
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