Refinance a Home Mortgage in Canada | Rates, Terms and the inside story...
You have received a notice from your bank advising you that your mortgage term is coming due. All you need to do is sign the paper and the deal is done. Refinancing your home mortgage should be a careful decision...you can save thousands if you make the right decision. Don't pay more then you have too.
This page will detail how to refinance a home mortgage in Canada . You will learn the following:
- What interest rates you can expect when you refinance a home mortgage in Canada
- What terms you should consider when negotiating the refinance of a home mortgage.
- Should you consider title insurance for the refinance of a home mortgage?
What interest rates can you expect when you refinance a home mortgage in Canada?
- If you have paid your mortgage with no late payments you should receive the best rates that are available. Over the past few years there has been an arguement fixed vs. variable. The reality in the bond markets today is that there is very little difference in the variable interest rate vs. the fixed rate. My recommendation is that you consider a fixed rate mortgage. The current interest rate environment encourages low rates and you have the security of a fixed rate over the term that you refinance your home mortgage in Canada. If you wish to receive weekly rate updates, just email me at dseward@shaw.ca and indicate in the subject line Rate Update. You will receive the fully discounted rates once a week.
What terms should you consider when negotiating the refinance of a home mortgage in Canada?
- Look at asking for larger mortgage prepayment privileges. The larger the prepayment the more money you will save over the long term.
- Any appraisal fees should be waived
- Long at any options for lines of credit at reduced interest rates
Should you consider title insurance for the refinance of a home mortgage in Canada?
- Title insurance is almost a requirement of home ownership these days. The incidents of mortgage fraud is significant enough to protect yourself. Ontario has enacted legislation to protect people from mortgage fraud but BC and other jurisdictions have not moved forward on this issue. If you are the victim of mortgage fraud you will have to prove your innocent in court, a costly and emotionally draining process. The cost is cheap compared to a day in Supreme Court trying to defend your asset.
Refinancing a home mortgage in Canada should be easy. My services will make the process simple and painless. For a no obligation overview, give me a call at 1-800-655-6572.
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