ICYMI: With mortgage rates bottomed out, it's time for homeowners to take advantage
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Kari Geddes, an agent with Uxbridge Mortgage Solutions in Ontario, predicts rates will stay this favourable for up to two years, based on Bank of Canada trends. When you refinance, you open a new, better loan and use it to pay off your existing mortgage. You’ll have to pay a penalty for breaking your old agreement, but this single financial move can make a huge difference if you’re struggling to pay your bills.
Let’s imagine you have a $500,000 mortgage with a 4 per cent fixed rate and an amortization of 20 years. The total interest you’d pay over a five-year term would be $90,634. If you’re denied, you’ll need to look elsewhere for support. Lenders are allowing homeowners to defer their mortgage payments during this trying time, but it’s not a perfect solution. In most cases, those loans will continue to generate interest while on pause.
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