Now Is The Best Time To Refinance My Mortgage?

In real estate there is an old adage “When is the best time to purchase real estate?” The answer” It is always the best time to buy real estate” Our question to you is this “When is the best time to refinance my mortgage?” The answer “As soon as you finish reading this article”
The question is why now and what are the benefits to me?
The Bank of Canada has been raising its overnight rates upward over the past year and the prime rate is currently 3.0%. This trend is likely to continue as the economy improves and ultimately fixed rates will again be on the increase. We are still able to fund at 2.15% on a variable rate mortgages and 3.51% on a 5 year fixed for those who qualify
Why would you not take advantage of historic low interest rates if it meant saving you thousands or possibly tens of thousands of dollars over the life of your mortgage? Some are choosing to overlook the low fixed rates because the variable options are still cheaper and they may still be for some time. Most however have not even considered the financial implications of remaining in a higher interest fixed rate mortgage and this is where it becomes interesting.
When examining when is the best time to refinance your should also consider your other financial obligations. If you carry credit card debt from month to month then you should defiantly consider refinancing. Why are you paying credit card rates of 19%, perhaps 30%, when this debt could be consolidated into a mortgage?
It cost you nothing for a mortgage professional to review you situation and the results my shock you. A recent client of mine refinanced their home, took out $35,000 in equity and still reduced their mortgage payments by $3000 per year. $35,000 in essentially “free money” and they can in effect pay their new mortgage off sooner than the old mortgage by applying the $3000 per month against the principal.
She told me I was her “Mortgage God”
Another old adage in real estate that “Real estate is the most important investment decision you will ever make” In reality, “How you finance this real estate investment is your most important decision.
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