Renewal & Transfers

Why wait till maturity to save? Be proactive and save $1000’s by switching your mortgage to a lower interest rate PRIOR to your maturity date.

The million dollar question… “Should I break my mortgage early and pay the penalty for a better rate? Or wait till maturity date to renew?”

You must speak to your Mortgage Broker.  Ask them how much will I be saving on interest if I break my mortgage early and take a lower rate?  A Professional in the industry will be able to calculate your overall interest savings by switching to a lower rate…vs. penalty.  If your savings is higher, then it is best to pay the penalty and take the lower rate. Also, if you have multiple credit cards and loans at a higher interest rate.  It makes the most sense to consolidate all of your debt into your mortgage at one low rate and payment. This will give you the MOST savings per month! We have been experiencing historic low interest rates and many home owners are reassessing their current mortgage contracts including mortgage professionals themselves. You might have come to this stumbling block due to various reasons. The most common are to lower monthly payments, or consolidate high interest debt. Well the answer isn’t always as easy as it might seem.  And there are many factors to consider. It is best to book an appointment with your Mortgage Broker and consult on what is the best option to give you the most savings based on your situation!