ITS MY HOUSE – Advantages and Drawbacks of Refinancing Your Home
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GUEST - Grant Smee, MD of the Only Realty Group
Refinancing a home is seen as a last resort for many, but the recent succession of interest rate hikes and the rising cost of living has left many consumers in search of financial relief. Here’s what you need to know about the process. In a case where you wish to refinance your home, you’ll apply for a new bond on the same property based on its current value rather than its valuation at the time of purchase. By doing so, you gain access to equity: the difference between the amount owed on a home loan and the actual value of the property.
Refinancing a home is seen as a last resort for many, but the recent succession of interest rate hikes and the rising cost of living has left many consumers in search of financial relief. Here’s what you need to know about the process. In a case where you wish to refinance your home, you’ll apply for a new bond on the same property based on its current value rather than its valuation at the time of purchase. By doing so, you gain access to equity: the difference between the amount owed on a home loan and the actual value of the property.
