TYPES OF LOANS
People often use refinancing as a way to give themselves a fresh start by clearing up existing debt and rolling it into their mortgage payment. You’ll save a lot of money on interest, and you’ll also feel better about getting your finances in order.
If you do refinance to consolidate debt, however, it’s important to ensure you don’t end up accumulating more debt. Set a budget and stick to it! Saving up money over time to finance larger purchases is much more manageable than purchasing something on credit without having a plan in place to pay your bills.
Paying off debt
Securing a down payment on a cottage or rental property
Paying for a child’s education
Financing a dream vacation