What are the advantages of Refinancing your mortgage?

When you refinance, a new lender pays off your old mortgage and replaces it with a new one - essentially a swap –to get new terms or interest rates. Most of the time homeowners will refinance their mortgage get a lower interest rate and reduce their monthly payments.

Refinancing should not be confused with a Second Mortgage though. A Second Mortgage gives you money based on the equity of your home whereas Refinancing gives you an entirely new mortgage.

In both cases, Canadalend can get you the best rates - at the lowest fees - to save you money.


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