Maybe time to consider re-financing
How today’s low rates
could save you money.
Linda Wickstrom –
With interest rates still low, as a homeowner, you may wonder if now is
the perfect time to refinance your mortgage.
There is no doubt
today’s low rates could save you money. Right now,
your goal should be looking at how you can take advantage of these
historical low rates. Not just from a Mortgage prospective, but by
revisiting all of your financial borrowings. There are several factors
to consider if this option is right for you. You need to look at what
penalties you may incur and how interest adjustments can affect you.
There are hundreds of mortgage products available; all with their own
terms and options. Figuring out which mortgage will best suit your
needs cannot only be time consuming and complicated, but very
overwhelming. Working with an independent Mortgage Broker who has
access to all the top lenders across the country can help you work
through the myriad of options available.
You don’t need to go it alone. That is the role of a good mortgage
professional. They will work out all the mathematics and assess if
re-financing your mortgage is the best option. Negotiating on your
behalf they work hard to get you the best rate and mortgage product
available that you qualify for. Whether you locked in a year ago or are
close to renewing, a mortgage broker will calculate how much interest
you can potentially save, and whether it’s best to pay your penalty now
and/or re-secure a new term.
To fully take advantage of this low interest rate environment consider
consolidating more than your mortgage – credit cards (which the average
Canadian is paying 18% interest on), your car or money for home
improvements. By revisiting all your current borrowings, you can make
today’s low interest rates pay you.
So, is refinancing your best option? You could save thousands of
dollars in interest.
An Independent Mortgage Broker can shop the mortgage market for the
best products and rates, whether you are purchasing a new home,
refinancing your existing mortgage or renewing your mortgage, your
mortgage broker will simplify the process to make it easier for you and
a mortgage professional can counsel you on credit decisions, financial
questions & concerns.
I hope you the readers enjoy the bits and bites I put in here; I also
hope that you understand more about the mortgage process as we go
along. Remember, an Independent Mortgage Broker works for you the
client. The banker works for the bank.
It is very seldom a broker has to charge a fee.
Check out my web site at www.mortgagemaster.ca