It may be really worthwhile to have a quick look at your existing mortgage to see if it makes sense to refinance early depending on your rate, mortgage amount and time remaining.  Even when there is a penalty for paying out early, we can often add the penalty into the new mortgage if there is enough equity, lower your monthly payment and sometimes save you a considerable amount of interest over the term of the mortgage.

 

If you have any questions and/or are interested I do hope you take the time to give me a call to review your personal situation. It’s a really simple process for me to do a free confidential mortgage review. 

 

1. Worst case scenario is you have complete certainty that your current situation is the best for you.

2. Best case scenario, we can save you money, lower your overall costs per month, and make life a little easier because interest rates are extremely low.

 

Example of payment difference between fixed and variable

 

If your existing fixed rate is in the 3.50% range your monthly payment on a variable would be:

 

• Approximately $92.62 LOWER on a $200,000 mortgage based on a 25 year amortization.

• Approximately $138.93 LOWER on a $300,000 mortgage based on a 25 year amortization.

• Approximately $185.25 LOWER on a $400,000 mortgage based on a 25 year amortization.

• Approximately $231.54 LOWER on a $500,000 mortgage based on a 25 year amortization.

• Approximately $277.85 LOWER on a $600,000 mortgage based on a 25 year amortization

 

If your fixed rate is LOWER than 3.50% then your savings will obviously be less than the calculations above and if your fixed rate is HIGHER than 3.50% then your savings will be greater than the calculations above.

 

Remember the above scenario does not include consolidating debt into the mortgage and therefore potentially further lowering your overall monthly payment savings.