Can you save money on your mortgage?

Tuesday Jun 09th, 2020

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You may want to review your current mortgage commitments. The current Bank of Canada overnight rate is at an all time low of .25% and the Prime Rate is 2.45%. This means that interest rates on loans and mortgages have never been lower. Many of my clients have found great savings by either refinancing their current mortgage at a lower interest rate or by paying a penalty to break their current mortgage and refinancing. Over the period of your mortgage even a small decrease in your interest rate can make a significant difference in savings even if you do have to pay a penalty.
 
If this is of interest to you, consult a mortgage specialist at your bank or contact a mortgage broker to give you the best available rates from all source. If you would like a referral to a mortgage broker, I would be happy to provide one.
 
In this new reality we all are living, I am hoping to help my past and current clients save some money. If you have any questions about refinancing a mortgage or about the current real estate market, please do not hesitate to contact me.

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