Canadians today face many reasons to refinance their mortgage.
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My company Dominion Lending Centres funded 8 Billion dollars in mortgages last year. We look at rates from every bank, trust company and credit union in Canada everyday and following trends is one of my jobs.
It may be really worthwhile to have a quick look at your existing mortgage to see if it makes sense to refinance. We’re finding that even when there’s a penalty for paying out early, you can lower your payments and save thousands of dollars of interest over the term.
The other important thing worth considering is refinancing your mortgage to pay off debt. It seems like today everybody has their share of debt, whether it is on credit cards, personal loans, or lines of credit.
Most consumer debt is at a much higher interest rate, so we have the opportunity to consolidate into a single payment, save you several hundred dollars per month while at the same time saving you thousands of dollars in interest. Why make several different payments each month and throw away tons of money in unnecessary interest when rates are so good?