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Tag: Financial Footing

Mortgage Refinancing in Canada! Why Should I Refinance Now?

Due to the global economic downturn that forced down the prime rates to its historically lowest value, mortgage rates have dropped considerably in recent few weeks, which have created an atmosphere to think about mortgage refinancing not even in Canada but throughout the world. UK as a leading financial institution could not even save its strong financial footing to become part of this global issue.

Why Refinance Your Mortgage?

This historical lowest interest rate availability does not mostly affect any loan product with a smaller value and term but most of the borrowers find refinancing their mortgage is the best financing option to get saving on long-term liability, although this rewarding review will only be adopted by small number of homeowners who will find considerable savings in relation to the incurred expenses lying with the process of refinance. Mortgage Refinancing refers to the paying off an existing mortgage and replacing it with a new one.

Obviously, the biggest reason to refinance your mortgage is to reduce your monthly mortgage payment. Following may be the most common reasons among borrowers who may adopt mortgage refinance strategy:

  • Lowering monthly payment to improve cash flow and savings (if you are refinancing at a lower interest rate, you will be charged less interest every month),
  • Re-spreading out your loan over another number of years (depending on the term you choose),
  • Setting up a home equity line of credit,
  • Consolidating high-cost consumer debt, like car loans, student loans, credit cards or other personal loans,
  • Improving home while taking advantage of the new federal home renovation tax credit.

Should I Break My mortgage For A Lower Rate?

Mortgage Refinancing is a strategic financial decision that requires a professional know how of a mortgage expert to pick the best deal among various available options. A key element in evaluating any refinancing option is calculating the prepayment penalty that the mortgage usually requires to be paid by the borrower as a penalty in case if it is paid off the mortgage in full before the maturity date. The penalty is usually based on the remaining mortgage term and difference between the mortgage rate being paid and the current rate of mortgage being offered by the lender. Generally speaking, the shorter your remaining terms the smaller the penalty, and longer the term left on your mortgage, the greater the prepayment penalties.

Moreover, if the Canadian Mortgage and Housing Corporation insure your mortgage, you pay a maximum penalty of three months interest after the third anniversary date of the interest adjustment period, or after the third anniversary date from your most recent renewal.

Where To Find The Best Mortgage Refinancing Practical Assistance?

Obviously, if you decide to refinance, you are required to contact a mortgage expert, you may find it online and offline with great ease because lot of ad campaigns are continue highlighting this current demanding lower rates issue, shop around by calling several lending institutions to ask what interest and fees they charge. Remember, you don’t have to refinance your mortgage with the same lender that provided your original mortgage. Otherwise, you may check with the Better Business Bureau for the refinancing tips, which it has specially compiled to help you decide if refinancing is for you in the current financial situation along a reliability report on lending institutions you’re considering.


Canadian Mortgage Strategy Choosing Between Fixed or Variable Mortgage Rates

The debate between fixed-rate mortgages and variable-rate mortgages will seem to be forever because these both strategies hold strong financial footing and efficiency that both provide advantages on what thousands of mortgage consultants, lenders and planners have been assisting their clients on their decision-making. Where as the variable rates strategy seems to be getting priority in Canada and have been adopted while taking as the best mortgage strategy that can save lot of money:

According to the latest research study by one of the Canadian economic experts, Moshe Milevsky, associate professor of finance at York University, reaffirm his year 2001 conclusion that, “Canadian homeowners really do pay extra for fixed-rate mortgages over the long run”, further he shows that “variable rate mortgages hold more benefits to majority of consumers with most of the time”. He extracted his finding while taking mortgage rate data from year 1950 to 2007 and found that choosing a variable rate mortgage would have saved Canadian mortgage consumers  $20,000 in interest payments over 15 years, based on a $100,000 mortgage value. Moreover, he also found that it would have been better off with a variable rate mortgage compared to a five-year fixed rate 89 % of the time.

New mortgage application has an incredible number of options from which to choose. However, with shifting interest rates, it can be a confusing time for those looking to acquire, renew or refinance a mortgage. Getting the most advantageous mortgage strategy is important and this challenging task cant be solve with anybody else accept you. This is the question you should ask yourself: Do I want the stability of a fixed rate mortgage or am I comfortable with the potential risks and rewards of a variable rate mortgage?

A variable mortgage rates allow the borrower to take advantage of low interest rates where the interest rate is calculated on an ongoing basis at prime minus a set percentage where prime is the base rate that banks use in pricing loans to their most creditworthy customers.  A variable rate mortgage can pose challenges for some, such as financially stretched first-time buyers who may not be able to handle an increase in their mortgage payments that would usually accompany a significant rise in interest rates, and there are those who simply prefer the greater sense of stability that a five to ten year fixed term mortgage can provide.

Faced with today’s competitive mortgage market and a changing interest rate environment, credit consumers need access to the timely and quality information through a recognized and trustworthy source. Which can help them decide while looking carefully at their current situation and personal goals to determine which mortgage strategy will best meet their individual needs. Moreover, you should try to get an answer yourself after consulting your mortgage broker whether a fixed or variable mortgage is best for you.


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