What to consider when refinancing :

  • Watch interest rates, but know it’s not an exact science
  • Be mindful of the financial implications of your decisionSomething to remember: discounted fixed five-year rates are at their lowest level in Canadian history
  • Refinancing at today’s rates could save you thousands of dollars
  • Still, take the time to analyze the long-term “ups and downs” of your debt
  • Remember good financial health is as much a function of debt management as investment management
 
The second part of the refinancing equation is determining whether it’s right for you. Here’s how to figure it out:
  • Take the time to write down all of your current debt obligations and rank them from highest to lowest
  • Once you have totalled all your debts write your minimum payments beside them
  • With the two columns side by side – total them up
  • Then compare the costs of breaking your mortgage
  • Talk to a mortgage broker to see (1) how much you’ll save making lower payments
  • And (2) how lower payments will have a greater affect on the principal
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate