Canadians are looking to their mortgage for low-cost funds. According to a 2015 survey by Mortgage Professionals Canada, for those who were qualified to do so (homeowners with at least 20% equity), and did take equity out of their home, the average amount withdrawn was $70,000, up from $51,000 in the previous survey. The tops reasons for refinancing include:
- Paying down debt (35%)
- Renovations (23%)
- Investments (19%)
- Purchases or education (14%)
Your mortgage can be your best route to low-interest debt. Whatever your need might be, the experts at MiMortgage.ca can crunch the numbers to see if your mortgage is your most cost-effective option.
