By law, Canadian homeowners are required to refinance their mortgages every five years. But there is no limitation to how often you can refinance, and there are many good reasons not to stick to the five-year interval – for example, many homeowners opt to refinance every time interest rates drop to secure lower payments and save money.
But refinancing your home isn’t just about getting a lower interest rate. Refinancing can be a great way to improve your financial position by taking advantage of your home equity – so if you are exploring your options for debt consolidation, but are having a hard time trouble securing a debt consolidation loan, refinancing could actually be the best way to do so.
Before we can explain how exactly refi…
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