Refinance & Unlock Your Home Equity

Refinancing is renegotiating your existing loan or applying for a new loan where you already own the property. The new mortgage terms could include a different interest rate than your existing loan agreement. It could also increase the mortgage’s amount (or balance) and the life (or amortization) of the mortgage.

While there are fees associated with refinancing (ie. prepayment penalty, appraisal fees, etc.), for many, the benefits can outweigh these costs. See a full breakdown on the costs of refinancing here.

The best time is always when you’re up for renewal so you can avoid the penalty on your current mortgage.  But it also depends on when is best for your financial situation. If refinancing is going to free up much needed cash flow or equity, making it easier to get to your goals then it’s the right reason and time to proceed.  At the end of the day, completing a cost savings analysis with one of nesto’s accredited mortgage experts will be your moment of truth – if it’s a sound fiscal choice.

Equity Take Out refinancing is the process of completing a refinance to take advantage of the built up equity in your property’s value by remortgaging it with a higher balance. The difference between the balance on your existing mortgage and new mortgage minus fees is your equity take out.