Refinancing is the process that pays the existing mortgage and/or any other legal claims against the property and sets-up a completely new mortgage(s). Under current legislation, the maximum amount that can be refinanced is 80% of the property’s value.
Seasons change, and so do your mortgage needs. It could be a much needed (or wanted) renovation, your children’s education, or to purchase a second home or investment property. Perhaps it could be the need to consolidate other higher interest debt. Or simply, to take advantage of lower rates.