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What Everyone Ought To Know About Refinancing
Once in lifetime mortgage rates but should you refinance?
As the Bank of Canada has been cutting the Prime Interest Rate anyone walking around with a big smile most probably has a variable rate mortgage. For anyone with a fixed rate here are 7 actions to take before deciding to refinance:
- Check current mortgage rate and penalties. Do not presume that a lower interest rate automatically means you save money. Ensure any penalties incurred to exit your current deal means you will be worse off.
- How much equity is in your home? Real Estate goes up and down ( BUT the general trend is up
)We all wear rose coloured glasses concerning the equity in our own home. Lenders are tightening their requirements and a decent amount of equity will help get a better deal. - Are you in arrears or have negative equity? Face up to these serious issues. There are still options available to refinance. Talk to the bank or a mortgage broker.
- Know your credit history and score. Contact Equifax to find out your credit rating. Lenders will only give the best deals to those with a top score. Work on erasing a poor credit history.
- Research potential lenders. Check out the features and benefits of lenders and mortgage brokers. Find someone you want to work with.
- Is it worth refinancing? Even if you are saving money after all costs it may still not be the right decision to change. $5000 in penalties and fees and a saving of only $50 a month will mean 8 years 4 months to realize any benefit.
- Be prepared. Having all the necessary paper work ready will not only save time but also impress the lender; they are human after all. The easier you make their job the more favorably they will view you.Its human nature.
