My name is Gertrude Sargent. I am running a women’s boutique near Coledale Public School in Markham. I took a home equity loan from a credit union in our place to raise some fund. It was easier to obtain a home equity loan than a traditional business loan.
I have heard that we could save money by opting for a simple refinance in which we swap a lower rate for the existing mortgage with a higher rate. I think in most mortgage agreements, there is a provision that allows the mortgage company to charge a huge fee for doing this. What are the advantages of refinancing? What are the risks? My cousin suggested a few mortgage brokers providing refinancing services in Ontario with cash-back programs that could pay for the prepayment charge. I searched a lot on the internet to find a few more. Please don’t hesitate to share your advice and recommendations. Thank you in advance!