RefinanceMany people are under the assumption that if you are in a closed mortgage and still have a few years left on your term that they can not break the mortgage, this is not true. When you break your existing mortgage and renegotiate a new mortgage, either with a new lender or the same bank you are already with, this called a refinance. It is possible to break your existing mortgage before the term is up but you will be subject to a penalty charge, however in many cases even with the penalty you can end up saving thousands of dollars. In addition, sometimes your mortgage agent will request that the bank blend your mortgage and save you a penalty. If for instance when you secured your mortgage you were paying an interest rate 5.7% but the rates have now dropped below 4.5%, on a mortgage of $200,000 you would save almost $15,000 even after paying the penalty!
Renovation Financing:If you are looking to make a large purchase for your home or a renovation, financing that project can be less expensive than you expected. One possible way to finance your renovation can be to refinance your mortgage, by using the equity in your home to secure the loan you will literally save thousands of dollars in interest charges when compared to a traditional unsecured bank loan. 1-866-924-4295
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