Current Rates
Todays Prime:6.70  
TermBroker Bank
6 Month: 5.80 7.25
1 Year: 6.05 7.09
2 Year: 5.74 6.59
3 Year: 4.84 6.44
4 Year: 5.24 6.34
5 Year: 4.34 6.34
6 Year: N/A N/A
7 Year: 6.29 7.00
10 Year: 6.58 7.49
No Down: N/A N/A
Variable 1: 5.80 N/A
Local: 1 - 403 - 313 - 0606
Toll Free: 1 - 877 - 699 - 0719
Updated: May 01, 2023

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Mortgage Refinance

If current mortgage interest rates are lower than your existing mortgage interest rate on your current mortgage, then a mortgage refinance might be the best way to go.

Your mortgage broker at Western Canada Mortgage will be able to run an amortization schedule to see if you would benefit from mortgage refinancing.

You need to leave 20% of the equity in your home and can get a mortgage right up to 80% of the value.

Your current mortgage 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 a lower mortgage interest rate during the same time period could save you tens of thousands of dollars. The money needed to pay the mortgage penalty fee from your existing lender can also be incorporated into your new mortgage if there is enough equity, and you could still come out substantially ahead.

Mortgage refinancing can be a good way to take advantage of the low mortgage interest rates, while freeing up some money to complete home renovations, pay down some credit card debt, take a long overdue trip or simply give you some extra cash.

Call Western Canada Mortgage today to see if this mortgage would be right for you.

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