Refinancing a mortgage can be beneficial to borrowers who want to change an unsatisfactory interest rate, switch from a variable or access the commercial property’s equity. However, it can sometimes be difficult to decide whether refinancing is the best course of action. If a borrower does choose to refinance, it can also be challenging to select the right loan. Fortunately, the professionals at Joseph Meer have many years of experience working in the mortgage industry, and we can provide the information and resources necessary to ensure that borrowers make the best possible decisions.
What is Refinancing?
Refinancing is a process that allows a borrower to replace his or her current mortgage loan with a new one. In most cases, the new mortgage will have different terms that benefit the borrower in some way. For example, a borrower may refinance a mortgage to:
- Lower the interest rate.
- Change the length of the loan.
- Access equity to complete a project.
- Consolidate other debt.
- Switch from a variable interest rate to a fixed interest rate.
Who Can Refinance?
Refinance loans are available to virtually any commercial property owner who can qualify for a traditional loan. However, refinancing can be harmful in some cases, so careful financial analysis is important. For example, if the purpose of the refinance is to obtain cash from the mortgage for a specific purpose, the borrower should not take on the loan unless he or she has enough equity in the property to achieve these goals successfully.
Benefits of Refinancing with Joseph Meer
When a client is considering a refinance, Joseph Meer Property and Asset Finance can review the situation and provide valuable advice. For clients who do decide to refinance, we can also assist in securing the most beneficial loan.
If you are interested in learning more about our refinancing services, contact Joseph Meer today to schedule a meeting.