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Projects? Whether you want to change the windows on your house, build a patio, buy a condo in Florida, consolidate credit cards, lighten your monthly payments or contribute to your RRSP, you might be able to refinance your property to get the money you need. Refinancing means that you will be taking out a new mortgage loan, and the procedure is the same as it was when you purchased your home. You will have to do a new deed of loan at the notary and maybe even pay an insurance premium if the loan to value ratio exceeds 75%. It would be a good idea to do a financial analysis before going ahead with such a project, in some cases, there might be other alternatives to consider.
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