Top 6 Reasons to refinance
So what is a refinance? Well it is when you take your current home's mortgage and restructure it. Typically this is to change the amount you owe, the rate or the people listed on the mortgage contract. What are the top reasons someone would do this?
To take advantage of a lower interest rate than you currently have.
To pay out higher interest debt like credit cards or lines of credit.
To increase amortization and make the monthly payments lower for affordability or to qualify for another property.
To pull money out of their home to use for renovations
To pull out money for a down payment on another home, investment property or cottage.
So use the smith maneuver to take advantage of tax benefits associated with this strategy.
If you have questions about how these would work for you or would like to see some scenarios of what your mortgage would look like in any of these scenarios then please reach out, I would be happy to assist. Remember our advice is free & can save you thousands of dollars.