London, ON -- (ReleaseWire) -- 12/14/2018 --As London Ontario's Housing Prices continue to rise 2018 was filled with multiple mortgage refinances as Homeowners sought to cash in on the increase equity in their home.

Many Homeowners Refinanced their Mortgage in 2018 in order to Consolidate their Debt.

Indeed, Debt Consolidation is one of the main reasons to Refinance Your Mortgage. By including higher credit card payments, sometimes with interest as high as 20 percent, into a much lower mortgage rate you will not only reduce your monthly obligations, but also pay much less in interest, which is more money in your pocket.

Others refinanced their Mortgage in order to pay for home renovations, vacations, education, etc. Some even refinanced their homes in to garner a down payment for a second home, or the purchase of a rental property.

So What is Involved in Refinancing Your Mortgage?

Whenever I meet new clients I am often asked, How Do I Refinance My Mortgage?

First thing is first, Meet with a Mortgage Broker or a Mortgage Agent.

By meeting with a Mortgage Broker or Agent you will gain access to a number of lenders, but only one credit check is pulled. This enables your Mortgage Broker to shop your file across multiple different types of mortgage lenders, even Private Mortgage Lenders, for the best mortgage rate and product that suits your needs.

Once your Mortgage Broker has gotten you approved the lender will require a few conditions prior to funding. These conditions include income documents (recent tax returns, job letter, pay stub), and maybe an appraisal of your property. However, in many cases an appraisal is not required.

Once those conditions have been satisfied the Mortgage Lender will disburse funds to your lawyer, who will then disburse those funds to you and, in the case of debt consolidation, your creditors.

What If I Am Retired?

Many retirees have opted to get a Reverse Mortgage, enabling them to gain access to their home equity without having to use their income to qualify. There are numerous options available for Reverse Mortgages, and it is worth seeing a Mortgage Broker to see if they will work for you!

So why Will the New Year see an Increase?

While London Ontario residents saw their home values skyrocket over the past few years, the rising prices have also been accompanied by an increase in household debt. Indeed, while London's economy has largely rebounded since the 2008 financial crisis, many are still suffering from financial wounds stemming from that crisis. Refinancing Your Mortgage is a great way to clean up old credit wounds and enable a 'fresh start' in the credit process, fixing old problems and setting a solid foundation for the future.

So Now What?

If you are looking for a Mortgage Broker in London Ontario then it is worth giving Mark Mitchell a call.

As a Licensed Mortgage Agent I have access to over 30 Mortgage Lenders and will strive to get you best rate and product available! Call or Text 519-860-2102 for more information!