With mortgage rates on a constant decline in the first half of 2020, some discount lenders are offering 1-5 year fixed rates at under 2.00%.


CAN I GET A BETTER RATE?
To exit your current mortgage, you will have to pay a prepayment penalty. The size of the penalty depends on the term and principal remaining.

You could be on the hook for other fees as well such as:

  • - an administration fee
  • - an appraisal fee
  • - a reinvestment fee
  • - a registration fee
  • - a fee to remove a charge on your current mortgage


SHOULD I INVEST AT THESE RATES?
Historically, there’s never been a better time to secure a new home mortgage. If your family is in a secure financial position post COVID-19, you should sit down with your mortgage agent to gather a pre-approval.

Time to know what your budget is before you start shopping!

SHOULD I REFINANCE?
Without a mortgage-to-mortgage analysis by a mortgage agent, you’ll never know if it’s the right decision! A successful refinance of your mortgage could save you thousands.

Generally, you should consider refinancing if:

  • - interest rates drop below your current rate
  • - you’re towards the end of your current mortgage and planning to stay in the current home long-term
  • - your closing/transfer penalties are low


Already have a mortgage? Can you refinance? If so, should you? Give us a call to chat with a mortgage agent today!