Refinancing can help you accomplish your financial goals by providing you with the means to reduce the amount of interest that you pay over the term of the loan and/or by reducing your payment to increase your monthly cash flow. Determining if this is the right time for you to finance is a big financial decision, and you’ll want to make sure that you carefully consider your options.
The first step you will want to take is to start doing some research on the options that are available. You should compare interest rates, loan terms as well as incentives to determine what type of agreement best suits your needs. As with any mortgage, you need to be especially concerned with the rate of interest. Even a very small fraction of a percent can results in thousands of dollars being lost or gained over the term of the loan.
While there isn’t a sole answer to the question should I refinance, ensuring that you have the best rate and terms available to you is definitely going to be a necessity. If your time is tight, you may want to consider enlisting the services of a mortgage broker to save you money. Mortgage brokers spend the majority of their time working with financial institutions and know the ins and outs of the current rates and available terms. This puts a good broker is in an excellent position to save you thousands if not tens of thousands of dollars over the term of your loan.
CompareMyRates.ca can help you connect you to the right mortgage broker or agents. Our unique online interest rate comparing system lets mortgage brokers compete for your business so that you get you the lowest interest rates in the market and our line rating system ensures that are choosing a reputable, seasoned professional to help you meet your financial needs.