8. WHY SHOULD I CONSIDER REFINANCING MY EXISTING MORTGAGE?

If your mortgage is up for renewal, instead of continuing with the same terms and rate, you can consider refinancing your mortgage and obtain a better deal for yourself.

Here are some of the benefits of refinancing your existing mortgage:

• Lower your monthly payments
• Lower your existing interest rate
• Switch from a variable rate mortgage to a fixed-rate mortgage or, vice-versa
• Refinance for a higher amount to pay off other debts or obtain cash
• Change the remaining term of the loan

It’s important to keep in mind that an existing lender may choose not to renew your existing mortgage. At times like these, a new lender is required.