Why is Mortgage Refinancing so Expensive?

mortgage refinancing in TorontoIf you don’t know what you’re doing, mortgage refinancing can be awfully expensive – but when you work with us as your Toronto mortgage broker you’re going to get all the help that you need to get the best mortgage rates. Depending on when you’re trying to refinance, why you’re trying to refinance and what lender you work with you’re going to get drastically different results. Let’s take a quick look and see what affects the rate you’re getting and how you can make the most of your unique financial situation.

When Did You Get Your Mortgage?

The first thing you need to ask your self is when did you open your mortgage? If you just got a mortgage a week ago and already want to refinance, you’re not going to get much out of it. You’ve already paid thousands of dollars to close your loan, you’re going to have to pay those thousands of dollars to refinance again. Some lenders will give you a cheap deal to refinance, but you’re going to want to ask yourself if that 1% interest rate jump is really going to save you x amount over the next 10 years of paying off your mortgage. Mortgage refinancing is great, but only when you’re doing it when you should.

Why Do You Want to Refinance?

Another big question you’ll want to ask yourself is why do you want to refinance? Are you overloaded each month, do you have years of high interest mortgage payments ahead of you? Working with one of our Canada mortgage brokers we’ll be able to help you figure out if your reasons are the right reasons and if this really is the right way for you to go. The last thing you want to do is end up with another mortgage that you can’t pay and isn’t doing anything for you.

What Deal is Your Lender Offering?

Almost anywhere you look online you’re going to see the same refrain: “It never hurts to comparison shop.” Sometimes your lender is going to give you a fantastic deal, but it never hurts to work with us as your Toronto mortgage broker. You’ll want to go to your lender and see what they’re offering; if they send you a form to re-up your loan after your term expires, now is the time to see what else is out there.

We’ll be able to work on your behalf to help you get the mortgage that’s right for you. Every point of interest you have to pay each month is money that’s not going back to paying off your mortgage. You want to make sure that you’re paying things off as quickly as possible, and when you work with us we’ll help you do that. If you’re tired of paying too much each month and want to start paying down your mortgage, it’s time to consider mortgage refinancing. Give us a call today and see what the best Toronto mortgage brokers can do for you.