Thursday, 22 November 2018
Thursday, 22 November 2018 How to Lower Your Mortgage Rate
Steps to Lower Your Mortgage Rate
For most people, their monthly mortgage is their biggest expense. While a home is also an important investment and one that serves you in many ways, it’s always wise to be mindful of opportunities to decrease your mortgage rate so that you can reduce the overall amount due.
Is Refinancing Right For You?
To secure a low rate mortgage, you may wish to refinance your mortgage. This can help save you money over the long run. Bear in mind that before you do this, you need to understand your refinance penalty and how this may affect your potential savings.
The largest cost of refinancing frequently comes in the form of your mortgage breakage penalty.
Variable vs. Fixed Mortgage Rates
This is used to help the lender recover some of the lost revenue associated with the determination of your mortgage contract. Within a variable mortgage, you’d be responsible for paying three months’ interest.
On a fixed rate mortgage, you will have to pay the interest rate differential or three months’ interest, whichever is greater.
You may also be responsible for legal fees associated with registering a new mortgage on your home. The legal fees may be covered if the mortgage loan is between $250,000 and $300,000.
Consider tapping into some of your home’s equity to consolidate debt or finance additional projects if you wish to refinance to a lower mortgage rate.
You may be able to consolidate all of this debt together by taking outstanding personal lines of credit, auto loans, or credit card debt and combining all of this debt into your mortgage.
Are you not sure of your next steps, but know that you could benefit from talking with some of Canada’s top real estate lawyers? Contact us today.
OUR TEAM
- Andrei Teju
- Maria Zahid
- Matthew Douglas
- Jacob Elyk
- Harry Gill
- Aria Nejatali
- Jesse Singh
- Joel McLeish
- Kristina Olivo
- Egi Bano
- Ainsa Hepburn
- Cam Woolley
- Nathaniel Brettle
- Charles Thompson
- Stephen Currie
- Alexandra McCallum
- John Sime
- Allan Cocunato
- Loni McDonough
- Samuel Cowan
- Daniel Zeljic
- Taimur (Ty) Akbar
- Lacey Purewal
- Patrick Poupore
- Erika Henderson
- Marina Korshunova
- Brandon Handelman
- Regeena Alapat
- Ryna Kim
- Natalia Poliakova
- Isaac Zisckind
- Joseph Berljawsky
- Michael Clouse
- Sanjay Soni
- Manpreet Bhogal
- Mathura Santhirasegaram
- Nikolai Singh
- Sandra Zisckind
- Jeremy Diamond
- Michael Blois
- Edward Kossev
- Iryna Romanova
- Miriam Kim
- Darryl Singer
- Nadia Condotta
- Tinashe Madzingo
- Ashman Khroad
- Megan Armstrong
- Galina Bajenova
- Veronica D’Angelo
- Corey J. Sax
- Zev Bergman
- Scott Tottle
- Steven Wilder
- TJ Gogna
- Jillian Carrington
- Joshua Himel
- Simon Diamond
- Cory Rubin
- Simon Mariani
- Tatyana Loeffler-Vulpe
- Brandon Greenwood
- Basil Bansal
- Nastassia Ivanova
- Tania Fleming
- George Laloshi
- Patrycja Majchrowicz
- Diana Iakossavas
- Dior Africa
- Alex Ragozzino
- Liana Saccucci
- Richard J. Chang
Diamond & Diamond British Columbia Head Office
1727 West Broadway, Suite 400, Vancouver, British Columbia
Barrie
168 Bayfield Street
Calgary
2713 14 St SW
Calgary
600 Crowfoot Crescent NW #240
Calgary
1331 Macleod Trail SE, Suite 645
Edmonton
4246 97 Street NW, Unit 103
London
256 Pall Mall St, Suite 102
Oakville / Mississauga
2939 Portland Drive, Suite 200
Oshawa
50 Richmond Street E, Unit # 108 B
Ottawa
955 Green Valley Crescent, Unit 315
Sudbury
31 Larch Street, Unit 300
Surrey
1104 – 13737 96 Ave, Surrey, BC V3V 0C6
Toronto
255 Consumers Road, 5th Floor
Toronto
1678 Bloor Street, Suite 302
Vancouver
1727 West Broadway, Suite 400
Windsor
13158 Tecumseh Rd. E. Unit 3B
Additional Areas Served
© 2021 Diamond and Diamond Lawyers LLP. All Rights Reserved.