Breaking a mortgage for better rates can pay off – but beware of the costs
Interest rates are dropping, but many Canadians are still feeling the hangover of the highest lending costs in a generation.
For those stuck paying elevated mortgage rates, or who want to cut high-interest consumer debt, breaking a mortgage contract could make sense. But experts say borrowers need to watch out for what could be hefty fees.
The draw of refinancing comes as discounted fixed-mortgage rates have fallen from around 5.49 per cent last October to rates now being offered at just under four per cent for the most qualified borrowers, according to RateHub.
Categories
Recent Posts
Small Vancouver builders embrace citizen-developed housing through multiplex prezoning
Why millionaire homeowners in Canada don’t feel rich, the Home of the Week and more top real estate stories
Sellers of semi near Toronto Cricket Club choose a low pricing strategy
Fourplex unit in Vancouver sells at revised asking price after long wait for a buyer
These three affluent Toronto areas have seen prices drop below prepandemic levels. Here's why
These unexpected costs could derail your plan to buy a home
Two offers for Toronto condo ‘almost unheard of’ in current market
Corner condo in Forest Hill sells at full price in nine days
New Calgary townhouse cuts price to compete against area’s detached homes
Saddle up: A horse-friendly country retreat north of Toronto
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "