Can you save money on your mortgage?
Tuesday Jun 09th, 2020Share
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.