Here?s a short movie from our Ottawa Mortgage Manager at TD Canada Trust, Andrew Thake. Andrew is here and ready to help you with your financing needs. If you?re looking to buy a home, he can Pre-Approve you for an amount and get you the best Interest Rates. He can then save your rates for 120 days on resale and up to 2 years on a New Home.
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Question by AbeJ: mortgage refinancing vs home equity loan?
I have a mortgage balance of $ 75000 to payoff, 8 years remaining.
Would it make sense to take a 15 year home equity loan to pay it off and reduce my monthly payment? My other option is to refinance to 15 year term from current APR of 6 % to a new APR of 5% with a closing cost of $ 2500
Best answer:
Answer by Jill
You are on the home stretch, you?re just paying principle now. A refi of any kind does not make sense? UNLESS you NEED to do a refi to make the monthly payment lower. If that is the case, just bite the bullet and get the best deal you can. You could even look at getting a 30 year and just know you plan to pay it off in 10 or 15 years on your own. Ask for all your options.
jill
jt@firstmmc.com
Know better? Leave your own answer in the comments!
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