Tag: mortgage refinance

A mortgage refinance is when you break your current mortgage and start a new one, either with the same lender or a different one. Often there is a penalty involved when breaking your current mortgage, your mortgage broker can walk through all of the fees, and usually roll any fees into your refinancing package. The mortgage brokers at The Mortgage Force Team in Edmonton are refinancing experts. Refinancing can allow you to change the conditions of your mortgage to secure a lower monthly payment, get a new loan repayment term, consolidate debt, or even take some cash from your home’s equity to put toward bills or renovations. A good rule of thumb is that it is beneficial to refinance your mortgage when you can reduce your mortgage interest rate by 2% or more.