No matter what the mortgage interest rates are today, the mortgage is still the cheapest way to borrow money.
Even with stricter rules for mortgage qualification, refinance is still doable
How it’s done:
You are re-borrowing the mortgage with a higher amount than your existing mortgage, and the extra funds can be used either for paying out your credit card debts or can be available to you as a lump sum amount on your checking account.
You can use this money for any purpose you choose: fixing or renovating your home, paying for your children’s education, buying an investment property, etc.
It is better to apply for refinancing, when your current mortgage is due for renewal.
Sometimes, it is worth paying a penalty to break your current mortgage earlier and to get the needed extra money before the end of the term.
But in order to get the money for any of these financial purposes, the documents need to be carefully and diligently prepared before applying to a financial institution.
Button Download the complete list of documents here: