When Should You Consider Refinancing Your Mortgage?

There are several situations where it may be advantageous to consider refinancing your mortgage in Toronto. If interest rates have significantly decreased since you obtained your original mortgage, refinancing can help you secure a lower rate, reducing your monthly payments and potentially saving you money in the long run. Additionally, if you need access to funds for home renovations, debt consolidation, or other purposes, refinancing allows you to tap into your home equity. Lastly, if you want to adjust the duration of your loan to pay off your mortgage sooner or improve cash flow, refinancing provides the flexibility to do so.