Refinancing is just one financial tool that you have at your disposal as a home owner that can be leveraged to help strengthen your financial position. In any good financial tool box, you will have a number of different tools at your disposal, which if utilized correctly, can help you save on interest, build wealth, or achieve your dreams. Those tools can include things like:
- A Financial/Investment Broker
- RRSP, Mutual Funds, Tax Free Savings Accounts.
- Life/Disability Insurance
- Everyday Bank Accounts
- Your Accountant – Tax Planning
- Your Mortgage Broker – Mortgage Planning
- Your Real Estate Agent – Property Investments
SO HERE’S THE TRICK…Just like any everyday tool, you should always use the right tool to for the right job…. you likely wouldn’t use a snow blower to mow your lawn…you would likely end up being very disappointed with the end results.
The same logic applies to finances and most of the time we forget that. When you’ve used the right tool to do the right job, you’re likely to be very happy with the outcome.
Step 1 (which many of your might have already done): Build a team of trusted professionals that are focused on your best interests.
Step 2: Book annual reviews with each of those trusted advisors.
Step 3: With your trusted advisers, discuss your plans, build a plan and implement that plan.
When it comes to refinancing your mortgage, a good advisor will look at saving you interest. A GREAT Mortgage Specialist with take it deeper than that. A GREAT Mortgage Broker will dive into your application and build a mortgage strategy to put you in a great position moving forward.
Do you need to or want to…
- Save interest on your overall debt portfolio?
- Improve monthly cash flow?
- Put yourself in a position to buy investment property?
- Leverage the low interest rates to invest for the years ahead
- Have an expected large expense in your future?
- Have a number of tax planning or life planning decisions that you need to make?
If you answered yes to one or more of these questions, then meeting with your GREAT Mortgage Broker is something you need to do. That Broker, at the very least, will help save you interest, balance the savings vs. the costs of making the change and improve your monthly cash flow.
At the end of the day, your GREAT Mortgage Broker will never simply get you an approval because you booked a meeting with them. A Great Mortgage Broker will advise you if at that moment, a mortgage refinance is the right tool for you at that moment in time.