Refinancing Your Mortgage Is Now Trending Downwards With Strategy To Lower Your Mortgage Interest Rate

Top Quote Save money on your mortgage by refinancing. If your current mortgage rate is over 5% or if you have other outstanding debt, refinancing your mortgage in this current historically low interest rate environment saves Canadian consumers thousands. End Quote
    QuoteSave Money on your Mortgage by RefinancingQuote
  • (1888PressRelease) October 29, 2010 - Vancouver BC - With rates mortgage rates trending downward, many Canadians are reconsidering refinancing their mortgage. While it's not for everyone, if you have outstanding debts, refinancing could be a solid strategy to lower your mortgage interest rate and your monthly mortgage payments.

    Another reason many consumers are refinancing their mortgage is to reduce their rate and save money over the term of their mortgage. For example, if your current mortgage rate is over 5%, you would want to make a quick call to see if transferring your mortgage to another lender and paying the penalty saves money. Dreyer Group Mortgages an independent mortgage broker firm out of Vancouver has saved their clients thousands with this strategy. Many times, legal fees are free so if the numbers make sense, then you could easily save on your mortgage payments.

    If you are paying a 6% interest rate on your mortgage and making monthly payments on higher interest credit cards and other debts, your total monthly payment would be $2100.50.

    If you refinance your mortgage with a lower interest rate (current 5 year fixed mortgage rate is 3.34%**) and pay off all high-interest debts, your new mortgage payment would be $970.65 each month. That is a monthly savings of $1129.85. That is $1129.85 each month that could go into R.R.S.P. savings, purchasing a rental or recreation property, paying for your child's orthodontics.

    These savings are significant. If your mortgage is anywhere over 5%, you need to seriously reconsider refinancing.

    For more information on refinancing your mortgage and finding out how much you can save, call 1-800-687-9020 or go online the independent mortgage brokers at Dreyer Group does these calculations every day and shops mortgages to save thousands.

    ** On approved credit.

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