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.
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