MORTGAGE - Refinance vs. Renewal
Are you thinking about making a change to your mortgage to take advantage of the super low interest rates? Not sure what option is best for you?
Renew means that your current mortgage term is about to end and that you need a new mortgage term for the balance of the mortgage, with no increase in amount.
Refinance means that you are looking for an increase in the amount of your current mortgage. It may be at the time of renewal or it may be at some point during your current mortgage term. If refinancing comes during the course of your current mortgage term, then an interest penalty will apply to "break" your current mortgage term and start a new mortgage.
If renewal is right for you then a mortgage broker is your best resource since they have access to all lenders in the market and can shop around for the best deal. Switching lenders tends to be easy as a lot of lenders will pay for the cost of transfer. Typically, they offer to pay for the appraisals and your legal fees.
If refinancing is what you need, there is no better time to do it. Interest rates are at an historic low and mortgage financing tends to me the cheapest form of financing for most people. Imagine paying off that 20% interest rate credit card in favour of a mortgage rate under 2%.
Sean has helped so many people make the right choice and to get you the best deal on the market today.
For more information on refinancing or renewing, contact your local Mortgage Broker, Sean Stewart at 905-427-9596 or firstname.lastname@example.org