{"id":282,"date":"2019-01-09T22:33:27","date_gmt":"2019-01-09T22:33:27","guid":{"rendered":"https:\/\/completemortgageservices.com\/?page_id=282"},"modified":"2026-03-30T20:58:42","modified_gmt":"2026-03-30T20:58:42","slug":"mortgage-refinancing","status":"publish","type":"page","link":"https:\/\/completemortgageservices.com\/?page_id=282","title":{"rendered":"Mortgage Refinancing"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"282\" class=\"elementor elementor-282\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9a1250f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9a1250f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ab49daf\" data-id=\"ab49daf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f4d32e elementor-widget elementor-widget-image\" data-id=\"0f4d32e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"567\" src=\"https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-1024x567.jpg\" class=\"attachment-large size-large wp-image-272\" alt=\"\" srcset=\"https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-1024x567.jpg 1024w, https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-300x166.jpg 300w, https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-768x426.jpg 768w, https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-150x83.jpg 150w, https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920-500x277.jpg 500w, https:\/\/completemortgageservices.com\/wp-content\/uploads\/2019\/01\/money-2724235_1920.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9c8046b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9c8046b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-edecb8b\" data-id=\"edecb8b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef6b074 elementor-widget elementor-widget-text-editor\" data-id=\"ef6b074\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>What Is Mortgage Refinancing?<\/strong><\/p><p><strong>What does it mean to refinance a mortgage?<\/strong><\/p><p>Mortgage refinancing means replacing your existing mortgage with a new one. This allows you to restructure your mortgage to better suit your current financial situation.<\/p><p>When you refinance, you may be able to access the equity in your home, adjust your mortgage terms, consolidate debt, or change your payment structure.<\/p><p>For many homeowners, refinancing can be a powerful financial tool to improve cash flow or achieve other financial goals.<\/p><p><strong>Why would someone refinance their mortgage?<\/strong><\/p><p>There are many reasons homeowners choose to refinance. Some of the most common include:<\/p><ul><li>Consolidating higher-interest debt<\/li><li>Lowering monthly payments<\/li><li>Accessing equity for renovations<\/li><li>Investing in another property<\/li><li>Helping children with education or a down payment<\/li><li>Adjusting the amortization to improve cash flow<\/li><\/ul><p>Refinancing allows you to use the equity you\u2019ve built in your home to support other financial goals.<\/p><p><strong>How much equity can I access when refinancing?<\/strong><\/p><p>In Canada, most lenders allow homeowners to refinance up to <strong>80% of their home\u2019s current value<\/strong>, minus the remaining mortgage balance.<\/p><p>For example, if your home is worth $900,000 and your mortgage balance is $400,000, you may be able to access a portion of the equity between those amounts.<\/p><p>A mortgage broker can help determine how much equity may be available and the best way to structure the new mortgage.<\/p><p><strong>Can refinancing help reduce my monthly payments?<\/strong><\/p><p>Yes, in many cases refinancing can significantly improve monthly cash flow.<\/p><p>By consolidating higher-interest debts such as credit cards or personal loans into a mortgage with a lower interest rate, homeowners can often reduce their total monthly payments.<\/p><p>Refinancing can also allow you to extend your amortization period, which can further lower your monthly mortgage payment.<\/p><p><strong>Can I refinance to pay off debt?<\/strong><\/p><p>Yes, debt consolidation is one of the most common reasons people refinance their mortgage.<\/p><p>Because mortgage interest rates are typically much lower than credit cards or unsecured loans, refinancing can help simplify finances and reduce the amount of interest being paid each month.<\/p><p>Many homeowners find this strategy helpful in creating more breathing room in their monthly budget.<\/p><p><strong>Will I have to break my mortgage to refinance?<\/strong><\/p><p>In many cases, yes.<\/p><p>If you refinance before your mortgage term ends, there may be a prepayment penalty. However, the financial benefits of refinancing\u2014such as consolidating high-interest debt or improving cash flow\u2014can sometimes outweigh the cost of the penalty.<\/p><p>A mortgage broker can help calculate the costs and determine whether refinancing makes financial sense.<\/p><p><strong>Why should I work with a mortgage broker when refinancing?<\/strong><\/p><p>Refinancing involves more strategy than simply getting a new mortgage.<\/p><p>A mortgage broker can review your financial situation, compare options from multiple lenders, and structure the mortgage in a way that best supports your goals.<\/p><p>This ensures you\u2019re not only getting a competitive rate, but also using your home equity in the most effective way possible.<\/p><p><strong>How do I know if refinancing is right for me?<\/strong><\/p><p>Every homeowner\u2019s situation is different.<\/p><p>The best way to determine if refinancing makes sense is to review your current mortgage, financial goals, and available equity. A mortgage review can help identify opportunities to improve cash flow, reduce interest costs, or put your home equity to work.<\/p><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-66ef7a2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"66ef7a2\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-1ec7785\" data-id=\"1ec7785\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-aa54769 elementor-widget elementor-widget-spacer\" data-id=\"aa54769\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5af076 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"b5af076\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-grow\" href=\"https:\/\/completemortgageservices.com\/?page_id=110\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Apply Now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4f5bc12\" data-id=\"4f5bc12\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7cccee9 elementor-widget elementor-widget-spacer\" data-id=\"7cccee9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4fa13b elementor-align-center elementor-widget elementor-widget-button\" data-id=\"b4fa13b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-grow\" href=\"https:\/\/completemortgageservices.com\/?page_id=147\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Mortgage Tools<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What Is Mortgage Refinancing? What does it mean to refinance a mortgage? Mortgage refinancing means replacing your existing mortgage with a new one. This allows you to restructure your mortgage to better suit your current financial situation. When you refinance, you may be able to access the equity in your home, adjust your mortgage terms, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ocean_post_layout":"full-width","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","footnotes":""},"class_list":["post-282","page","type-page","status-publish","hentry","entry"],"_links":{"self":[{"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/pages\/282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=282"}],"version-history":[{"count":14,"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/pages\/282\/revisions"}],"predecessor-version":[{"id":756,"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=\/wp\/v2\/pages\/282\/revisions\/756"}],"wp:attachment":[{"href":"https:\/\/completemortgageservices.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}