Interest rates never been lower than they are right now, some banks are even offering super low mortgage rates at 2.75%; unless you’re working with the right Toronto mortgage broker, like us, you’ll never know if now is the right time to refinance or not! Here were going break down what mortgage refinancing is – like why you should consider refinancing, if refinancing is a good idea for you, if you’re eligible, and how much it’s going to cost. After all, if it’s not a good idea why do it? When you work with us, will help you shop for the best loan – we’ll be your friend in the mortgage business!
Who Should Consider Refinancing?
Mortgage refinancing can help a lot of people – but sometimes is just not right for you! It’s great if:
- Your monthly payments are unmanageable
- Your interest rates are sky high
- Your mortgage term has just come due
There are of course other situations where people can benefit, but these are mainly the most common reasons.
High monthly payments don’t help anyone but the lender! Each payment you make goes more and more towards the interest, but the principle, or the amount that you originally borrowed, goes unpaid. It’s a vicious cycle – and with interest racking up more and more every month, it’s easy to get upside down on your mortgage.
Interest rates are currently between 2.75% and 4%; if you haven’t refinanced in the last couple years, you might be surprised how low you could get it! Working with one of our Canada mortgage brokers, you’ll be able to save big on both your monthly and interest payments!
If you’ve recently received your mortgage renewal slip in the mail, you may have a chance to refinance. We’ll help you explore your options here, from getting your monthly payments down, bringing down high interest rates, and making sure you get a better deal this time around.
When Is Mortgage Refinancing a Bad Idea?
Mortgage refinancing isn’t always a great idea. Sometimes, it’s better just opt out. If you have less than 18 months to pay off your mortgage and your mortgage payments are manageable – don’t do it! Whenever you refinance you have to pay closing fees all over again, you lengthen the life of your mortgage, and it’s just probably not a good idea in general.
Are You Eligible for Mortgage Refinancing?
Just about everyone is eligible for mortgage refinancing – but it never hurts to find out your options for sure, right? Call us today to speak with one of our Toronto mortgage brokers about your options. We’ll help you understand the difference between mortgage refinancing, mortgage renewal, or if you should just go in a whole other direction. After all, you’ve been working hard all these years to rack up all that equity in your home, making your payments on time, isn’t it time you got ahead? Of course it is! Visit our mortgage refinancing page today, and see how you can save.