According to recent surveys, mortgage rates are at a record low. The average mortgage in Canada has an interest rate of approximately 3.00% which is the lowest in 40 years. Despite these lower rates; mortgage refinancing applications are 35% lower than last year. Why is this? For starters, mortgage rates were nearly this low a year ago. Since many home owners refinanced their mortgages in recent years, there is not a huge pool of borrowers to opt for refinancing this year. A majority of the remaining lenders have too much debt or not enough income to qualify for refinancing.
If you are paying interest rates higher than 5%, you may want to consider mortgage refinancing. It may seem like a hassle but could save you in the long term. Sure, dealing with finances is never fun, but you could save more money than you had expected. A mortgage with a 5.5% interest rate on $200,000 refinanced to a mortgage with a 4.5% interest rate would save you over $120 per month. That is an extra $1,440 per year to put towards necessities or luxuries. Considering different mortgage rates could help you save more and afford more.
Before deciding to refinance for better mortgage rates, there is a bit of homework that you should do and things you should know:
-? A bank could charge a substantial amount before giving you exact numbers for your new mortgage. Get a rough estimate of what refinancing options are available, what the mortgage rates could be and if your mortgage will even support a refinance.
Before simply picking the first lender for your new mortgage, shop around! Not all mortgage rates are equal and comparison shopping will give you the best opportunity to find the best rate for your financial situation and needs. You will also need to consider the cost of refinancing.
Depending on your current mortgage, it could be more expensive to refinance simply for better mortgage rates. Not all financial solutions and plans are for everyone, so speak to a licensed mortgage associate to see if refinancing is an option for you.
Do not count on the low published rates from banks. It may not be in the bank?s best interest to offer you the lowest rate, so do not count on being offered the lowest advertised price.
Mortgage rates are at a record low. If you are a homeowner with a mortgage, it could be a great time for you to refinance to get a lower interest rate on your mortgage. It could be what you need to help secure you financial future.
Source: http://www.realestatefoundation.org/real-e
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