Refinancing???

Everyone is talking about refinancing. What is the real deal?

I could type a lot of numbers here and try to confuse you but here is the real deal. If you have a fixed mortgage with a rate higher then 5.10% you need to have a review, you need to find out how much the penalty is and then have your broker run the numbers. Most likely it will be beneficial to break the mortgage contract and start a new one.

You maybe able to lower your monthly payments, save a lot of interest and if you are looking at doing any kind of equity take out, either for debt consolidation or Reno’s this is the time to do it.

If you are thinking about doing a Reno, start planning now!
You have till Feb1, 2010 to get the work completed if you want to take part of the new Reno Tax Credit program that was announced in the budget. If you keep the renovation budget to $10,000 you’ll get $1350 back – a savings of 13.5%. The tax credit kicks in on expenditures over $1000.

If you are looking for some help on your Reno project you can look at Beyond Beige Interior Design here in Vancouver, they do amazing work. Also if you trying to figure out what value your home Reno will have check out RENOVA from the Appraisal Institute of Canada,
They have some great tools.