After one heck of a roller coaster year in Real Estate it would seem going into the Fall/Holiday season that the last thing on your mind might be your mortgage. This would be a MISTAKE!
Because of the record high of prices in the Greater Vancouver Area and Fraser Valley as well as many other regions across Canada if you are a home owner you are likely enjoying a nice bump in your home equity. Add that to the lowest fixed rates in Canadian history and the knowledge of an upcoming mortgage change and you've got the BEST time to re-finance your mortgage.
Because you have the opportunity to save money on interest through a lower rate, you can use your home's equity to pay off that upcoming renovation, investment or even vacation at FAR lower interest rates then you could ever receive on a Line of Credit or Credit Card. Top that with lower payments and you've got yourself some great reasons.
Top 3 reasons for Re-Financing Today:
- Rates - Again, the lowest rates we've seen in history if you are able to apply before Nov.29th. If you're paying more than 2.70% on your mortgage you SHOULD inquire.
- Home Equity - Everyone selling their homes around you and increasing prices has actually benefited you as a homeowner! You can now access up to 80% of the CURRENT appraised value! Use it for reno's, investing, vacation, student loans etc.
- Debt Consolidation - Currently paying $600 a month for a car loan, $100's on a Credit card that may never get paid off, or a line of credit? Consolidate those debts together, save thousands in interest and lower those payments to better your quality of life!
A few words about the cost to re-finance:
Yes there are some costs involved to re-finance, those may be a penalty for your existing mortgage, legal fees and sometimes an appraisal. Before you change your mind, some lenders pay for some or all of these extra costs, and often it is worth your while to reduce your payment or rate to save thousands in interest!
So, if you're ready - we'd love to give you a free consultation. Just give us a call or click here.