Are you currently locked-in with your mortgage?
With today's low interest rates, more and more consumers are questioning whether or not they should consider paying the penalty on their remaining mortgage term and locking-in at a lower rate. Depending on the penalty your bank will charge you on your current mortgage, it may very well be a sound decision to pay the penalty and obtain a better rate.
Most lenders charge the greater of a 3 months interest penalty, or Interest Rate Differential (IRD). The only way to know for sure what the penalty will be, is to contact your current lender directly and request this information. This is the first step in determining if it is a good idea to re-negotiate. The second step is simply to give us a call. We will calculate new mortgage scenarios for you (ie - fixed rate versus variable rate) in order to assist you with which option works best for you.
Whichever term or option you choose, we will discuss with you what your savings will be, and help you make the right decision. This is a free service we offer - there is no obligation to you!
About Us
The Mortgage Centre - BC Direct Mortgages is owned by Ed Kolisnyk and Shannon Brolund, a father-daughter team working together since 2000. Our Mortgage Centre Kelowna brokers work for you, not the lenders, and are committed to providing you with the best available package of rates and features for your particular situation.
BC Direct Mortgages Inc. is an independent member of the Mortgage Centre Network. Please note that the information in this blog is for general information purposes only, and the rates and/or terms are subject to change without notice. The views or opinions expressed are the author's own and may not reflect the views or opinions of any of our lenders or any other source.