Thinking about refinancing the mortgage on your Penticton area property? It’s not just first-time home buyers who are looking to take advantage of historically low interest rates, as people who already have a mortgage want to know if they have an opportunity to make a wise financial decision.
Why You May Consider Refinancing Your Mortgage
Does refinancing make sense? The motivations are as follows:
- Get a lower interest rate to reduce monthly expenditure to account for lean economic times.
- Get a lower interest rate to reduce monthly expenditure to free up funds for other investments and opportunities.
- Get a lower interest rate to pay off a mortgage early (assuming you keep payments the same, or greater).
- You want to switch from a variable to a fixed rate mortgage, or vice versa.
- Other. Unsure if a refinance mortgage is right for you? Call 250.493.9111 to find out.
So you know why people do it, but when is refinancing a good idea? Consider the following:
- When the refinance rate is significantly lower than current fixed rate (where applicable).
- When the mortgage-breaking penalty and/or closing cost is lower than refinance savings.
- You can prove to your lender that you’re not at risk of default.
Despite what we’ve listed above you may still not be certain if a refinance mortgage is for you. Plus, this is not something that you should approach on your own. As a part of our full mortgage services Carloni Mortgage Brokers in Penticton will walk you through the process. We’re here to answer any questions you have, will help you come to a decision, and will negotiate the new (and preferred) terms on your behalf.