Don’t let penalties deter you; first, know the numbers. Breaking your contract for a lower interest rate can save you money over time, depending on the penalty and the size of your outstanding mortgage. If you hold a variable rate mortgage, then expect to pay a penalty of three months interest, and if you hold a fixed rate mortgage, then you will pay the greater of three months interest or interest rate differential penalty (IRD).
You can consider breaking your mortgage early if you want to obtain a lower interest rate or access equity from your home. In this case, you can do away with your existing mortgage and take on a brand new one with any lender. AKAL Mortgages Inc. can get you offers with up to 95% LTV.
A home equity line of credit gives you access to the equity in your home at your own discretion. You are responsible for interest-only payments each month on the outstanding balance. You can access a home equity line of credit through your existing lender and a small subset of other lenders.
Your current mortgage granter might offer you a ‘blended rate’; essentially, a ‘blend’ of your current mortgage rate plus any additional money you borrow at current market rates. Blended rates are almost always higher than the most competitive mortgage rates on the market, so make sure you compare the blended rate against the savings if you break your mortgage.
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Your mortgage may have been the right fit when you first purchased your home, but your financial situation can change over time. You may have built substantial equity, taken on high-interest debt, started a business, planned a major renovation, or
As a homeowner in Canada, managing your mortgage effectively can save you thousands of dollars over the long term. Whether you’re looking to reduce monthly payments, access equity, or secure a better interest rate, understanding the difference between refinancing and
If you are a homeowner who is looking at current interest rates and considering refinancing, you’ll want to ensure that you don’t miss the opportunity to lock in at a lower rate. Therefore, you will want to know how long