Great question!
1) It’s important to know that you can only tap into 80% of the value of your home.
2) You will need to pay a prepayment penalty, discharge, and legal fees, as this is considered a new Mortgage, and you will need to requalify for that Mortgage.
3 You can use a refinance to reduce payments, reduce interest costs, pay debts, renovate, and my personal favorite, purchase an investment property!
