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
Large Forest Hill penthouse with city views rakes in three bids
Low ask and swift review of offers draws three bids for Riverdale semi
Rural Ontario farmsteads merge architecture with agritourism
Hamilton-area real estate agent accused of voyeurism through secret recording devices
Commercial real estate investors growing more active — and more selective
This condo developer is letting buyers put units on layaway for $1,000 a month
Inside a restored $7.6-million 'California-style' High Park bungalow that was originally built more than a century ago
No, aging baby boomers will not trigger a glut of suburban homes for young families
Edmonton-founded Initia moves 1,000 agents to eXp Realty
Great Expectations!
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "