Want extra cash? A refinance might give you the options that you need.
Even with declining house values it doesn’t mean that you can’t take advantage of some great opportunities in Revelstoke, by using the equity in your home. It may not be quite as much as it was last year, but it is still enough to dramatically improve your monthly cash flow, especially with today’s rock-bottom rates that a mortgage broker can offer.
Here are some great reasons to consider refinancing today:
Debt Consolidation
If you have experienced any kind of work slow down or fear a lay-off is on the horizon it may be to your immediate benefit to consider consolidating your debt into one monthly payment for a fraction of the cost. Credit cards can cost you up to 22% per cent per month, compare this to a mortgage of 1.8%. This will literally add up to thousands in savings. Don’t be fooled though, you are just moving your debt and not eliminating your debt, so be sure not to refinance your house and then rack up those credit cards up all over again.
Renovations and Additions
With the effects of the recession still leaving residue homeowners can take advantage of cheaper material costs and cheaper labor rates. Consider adding things that will bring value to your home like finishing your basement, extra bedrooms, and cosmetic updates. Small equity take-outs of under $50,000 will make little difference to your current mortgage, and may even result in a lower payment as you will be able to take advantage of a lower rate. You can build you own ski in/ski out condo in your house today!
Investment Opportunities
Maybe now is the time to consider investing in real estate or to start a business. Whatever your desire is, the cheap cost of credit will lower your risk and enable you to enter a marketplace that is full of ripe opportunities. Be sure to get advice from local professionals, and you will be able to avoid many common pitfalls.
With ski season around the corner it’s a great time to look at improving your monthly cash flow, so you can take advantage of the great mountain lifestyle without having to hindered by your lack of cash. By making great decisions today, you will be able to reap a bountiful future tomorrow.
Joel Olson is a Revelstoke-based mortgage broker. You can contact him directly at joel@c3revelstoke.ca.
His website is at www.joelolson.ca and his telephone number is 250-814-1627.
