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Need To Spring Some Funds?

Springtime brings sunshine. But also things that cost money.

From gaining debt over the winter to planning home upgrades, refinancing your mortgage can be a lower-interest way to get the funds you need. Here's how it works.

First signs of spring? Flowers, roof leaks, birds.

(Wait, one of these is not like the others).

As the flowers bloom, so might the need for extra funds when certain financial realities start to shine — like having to add a new roof to weather the coming storms, consolidate debt, or even pay off your taxes owed.

If your home has equity built up, refinancing your mortgage now or at your renewal may offer some springtime cash relief. This solution allows your borrowing to come from just one place, and you pay it back with only one mortgage payment at a lower interest rate.

You could save hassle, time and potentially a lot of cash compared to borrowing from other sources, like credit cards or getting private loans.

Let's look at how a mortgage refinance can help you reach your goals this spring.

Here are 4 reasons you may want to refinance this spring.

1. Your home needs spring upgrade help.

When the weather is warmer, the (home) work can begin. Protecting and upgrading your home investment through regular maintenance upgrades, new home systems and outside upkeep or repairs can be costly — but a refinance may allow you to get the job done while offering a timely, less-expensive way to pay it back. You'll also help protect the resale value of your home.

2. Pay off higher-interest debt with one mortgage payment.

Accumulating debt over winter isn't unusual, and springtime may offer the right timing to get it back under control with one payment at a lower interest rate. A credit card, for example, can carry very-high interest calculations that quickly increase what you owe. You could avoid that stress and feel better about your budget and financial health.

Do you owe taxes this year, or back taxes? Most lenders won't re-approve you for a refinance if you indicate this purpose alone (ironically, you'll have to clear your tax debt first). However, talk to us for some options — our expert brokers may be able to work out a refinance solution to allow you to pay your taxes on time this spring, plus help you save more in the long run.

3. You want to invest or buy another home.

Have an investment opportunity you've been eyeing? Some extra cash can allow you to expand your financial holdings, such as through an investment vehicle or in buying an income property, which may lead to increased personal wealth or reaching retirement sooner.

Perhaps you want to buy a home for (or with) a family member or have been pondering a vacation property getaway. Your refinance funds may be the cash solution you've been looking for — at a popular time of year to buy a home, and in enough time to enjoy the summer.

4. Get funds to fuel your dreams (or have a dream backup).

Secondary education for you? Sending your kids to college? Planning a bucket-list trip around the world this summer? Accessing funds through your home equity may offer an affordable way to power your hopes and dreams.

And, maybe your dream is to have a financial backup (everyone dreams differently!). A refinance now can allow you to stash the extra cash in a higher-interest savings account, with the security of knowing it's there while continuing to pay your mortgage as you go.

What exactly is a refinance?

A refinance is typically done to take advantage of the money-power of your home — equity built up over time that can offer you the collateral to borrow some of those funds and add it to your mortgage balance.

When you refinance your mortgage, you 'break' your mortgage contract and start a new one, either with the same lender or a different one. You'll need to be re-approved, as the lender wants to assess your loan based on your current situation (versus when you first took out your mortgage).

A refinance can be done at renewal time, which helps you avoid extra charges. But if you need to refinance during your current mortgage term — this 'break' can incur pre-payment penalties and fees depending on your terms and rate type, which can be rolled over into the new loan amount. Despite the extra costs involved to break your term, it may still be the right decision for your financial needs.

And, using your mortgage loan to extend some real cash for your use makes it pretty simple to pay it back — one payment every month, the same as you've always done over the term and life of your mortgage. No big credit card amounts or other loan bills to track. No ballooning interest charges if you have trouble dividing your time and budget in making several payments.

At True North Mortgage, our expert brokers can check around for your best rate and lender options, and to ensure you save the most on penalties, fees and interest costs. And that you have the right product for your needs moving forward.

Our refinance process is simple and stress-free:

  • You can use our online application form, just select the Refinance button.
  • Fill out your contact information and any other details you'd like to share, hit submit, and a broker will contact you shortly (typically during business hours).
  • You can also apply with us or ask questions in many other convenient ways — call us, send an email, talk to Morgan our mortgage chatbot (who can connect you to a live agent when you're ready), or drop by a store.
  • Find a mortgage expert in your preferred language through our company directory.
  • We gather your current mortgage details and take a look around at several lenders for your best-possible rate.
  • Refinance mortgage rates are typically higher than the lowest-advertised mortgage rates you see, and your best rate depends on your qualification and credit factors.
  • If you need to break your term for the refinance (instead of waiting for your renewal period), it can mean pre-payment penalties and fees — we help ensure that your refinance is transparent and worth your while.

Spring some cash — while still saving money.

We're the mortgage broker you need for your personalized refinance option.

We make it simple, outlining the details and finding your best rate and product fit for a seamless experience.

For extra funds, we can also discuss whether a HELOC (Home Equity Line of Credit) offers a cost-efficient mortgage option for your situation.

We're unified and salaried, so you'll get unbiased advice — including your best mortgage strategies to help you reach your financial goals, now and later.

We're here for you across Canada — give us a shout today! We want to help you spring forward to financial success.

It's easy to find out if a refinance will work for you.