Refinancing Your Mortgage
You may have a mortgage with a higher interest rate. Your mortgage specialist at Western Canada Mortgage will be able to run an amortization schedule to see if you would benefit from refinancing. Your current lender will charge you a penalty to get out of your existing mortgage before the term has ended. Don't let this scare you. The penalty could be as low as 3 months interest, roughly 3 mortgage payments, yet the benefit of having the lower interest rate during the same time period could save you tens of thousands of dollars. The money needed to pay the penalty fee from your existing lender can also be incorporated into your new mortgage, should you wish, and you could still come out substantially ahead.
Mortgage refinancing can be a good way to take advantage of the low interest rates, while freeing up some money to complete home renovations, take a long overdue trip or simply give you some extra cash.
What ever your needs are, Western Canada Mortgage is here to assist you.
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