Lowest Mortgage Rates in History! Should I Refince?
Todays Mortgage rates for a Refinance or a Renewal are at Record Lows.
1.70% for a Variable Mortgage and 1.90% for a 5 year fixed.
You have an existing mortgage with 2-3 years left to run and the rate is over 2.89%.
Don’t feel bad as that was a great rate at the time you took it out.
You might be asking if you should refinance and get todays rates.
They are 2 main Benefits.
First is a lower payment because of the significantly lower rate.
Second is the peace of mind that you will have a new fixed rate for the next 5 years and not
need to worry about what the rates will be on your current renewal date.
Its unlikely they will be as low as they are today but we never now.
Some important considerations are the costs and the process.
Breaking a mortgage contract with your Lender is the same as breaking any contract and there will be a penalty.
Penalties are based on one of two calculations. Three months Interest of the Interest Rate Differential.
We can help you find out what that calculations will be.
There is also a legal fee to discharge the current mortgage and register the new one.
In my experience , most clients break even in 2-3 years on the cost and enjoy the lower payments and peace of mind during that time.
It might be a good time to look at consolidating some higher interest debt and saving on those payments as well. Another benefit.
You will need to do an application with us and we take care of the rest. We may move you to a different lender to get the best product and rate.
Refinancing for lower rates is both a financial decision and a persona peace of mind decision.
We will help make that decision in stress free and informative manner.
Bob at the Burlington Mortgage Centre