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 ..... Click here to continue.
Posted by Andrew McKay
on June 2, 2009