If you’re looking to refinance your mortgage, you can look for a better rate and ultimately save quite a bit of money. With Canadian mortgage rates being so low, it’s tempting for homeowners to refinance their mortgage in hopes of lower rates. Experts are saying that if you’re paying over 3% for a fixed rate, you can do better. Even with rates that are 0.75% less than the current rate, refinancing for better rates could ultimately save you thousands over the mortgage term.
When you’re dealing with large amounts of money involved in owning a home, even the smallest rate difference can save you a lot. We have put together the tips that can help you save big if you choose to refinance your mortgage to take advantage of the lowest rates.