Mortgage Blog
Do You Have Tuition Fees Coming Up?
May 18, 2023 | Posted by: Sharon Patton
We always want the best for our children's future.
Do you have tuition fees that need to be paid and wondering how you will help your child to pay for this?
If only we had a pot of gold!
You are in luck, your home could be the pot of gold you are looking for. Let's explore some options on how your biggest asset can help you to cover your child's post-secondary education expenses.
Let's explore the option of refinancing your current mortgage.
Taking into account the value of your current home, your financing needs, and the various programs our lending partners offer, it may be a viable solution to help with those tuition costs.
Looking at adding a line of credit to your current mortgage is another option.
The benefits to doing this are as follows:
Interest-only payments
Access to funds when needed
This will allow you to keep your current low-rate mortgage intact.
If your current lender does not offer a line of credit option, a second mortgage may be a solution for you. You can keep your current mortgage rate, term, and maturity intact.
We can help you plan for your child's future. Let's chat today and have a plan in place for the post secondary education expenses that are coming up.
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Looking forward to connecting with you soon.