Smart Reasons Why You Should Refinance your Mortgage
Anybody would like to get the lowest mortgage rates in Ontario. That is why a fall in the interest rates is usually the best time to refinance your mortgage. This blog gives three reasons why refinancing your existing mortgage is a great idea. 1 - Reduce your monthly payment and interest rate When you lock in a cheaper interest rate as a borrower, you might save thousands of dollars over the life of your loan. A lower interest rate often translates to a cheaper monthly mortgage payment. The interest you save thus, might be used to pay down other interest-heavy debt, put more money in your savings account, or contribute more to your retirement fund. 2 – Reduce the length of your loan period Many people start off with a 30-year mortgage and after a few years, refinance to a 15-year fixed-rate mortgage. The mortgage is paid off sooner this way and it also saves them a significant amount of money in interest during the loan's term. As mortgage rates on 15-year borrowings are low