In a few minutes, our pre-qualification process will tell you if MoFin can offer you a better rate and
terms than your current mortgage.
Not exact matches
Whatever is the
current cause of the rise of prices in the housing market, when computed as the
mortgage cost in labour time in
terms of the average weekly salary, residential properties, with the exception of the 1988 - 1991 period, are now clearly less affordable for middle - class Canadians
than they were for the last five decades.
This type of loan might make sense for you if you can get a better interest rate
than that of your
current mortgage, you plan to shorten the
term of your loan instead of refinancing for 30 years, and you plan to keep your
mortgage for at least several more years.
When you consider that inflation has averaged 2.94 per year over the past 30 years, and that
current mortgage rates are just 0.68 percent higher
than that, it begs the question: Why would a lender commit to earning barely more
than the long -
term inflation rate for the next 30 years, unless getting paid back was close to a sure thing?
This type of loan might make sense for you if you can get a better interest rate
than that of your
current mortgage, you plan to shorten the
term of your loan instead of refinancing for 30 years, and you plan to keep your
mortgage for at least several more years.
Consider making the
term of the new
mortgage no longer
than the remaining
term of your
current mortgage to help partially resolve this problem.
Current mortgage rates are still at historically low levels not to mention unbelievably low adjustable rate
mortgages if a
term shorter
than 10 years may be more beneficial for your individual situation and needs
I
current have a
mortgage with less
than 14 years on the
term with an outstanding balance of approx 100k.
For example, if you have 178 payments left on your
current mortgage, request your new loan
term to be no more
than 178 months.
Early Payout: Greater of 3 months interest or Interest Rate Differential (up to 5th anniversary, 3 months interest after 5th anniversary), 10 % penalty reduction if refinanced with MCAP for
term longer
than current mortgage
Start your
mortgage renewal process no later
than four to six months before your
current term is due to expire.
You'll get a lot more coverage for 20 years, but since it's a 20 year
term instead of 30, your premium will still be lower
than the «
mortgage insurance» offers and probably even lower
than the 30 year level
term policies other agents are quoting you for the
current amount of the balance.
Most of the time, when we are negotiating short sales for Wellington homeowners the banks are more agreeable in negotiating
terms with you
than if you are
current on your
mortgage.
Early Payout: Greater of 3 months interest or Interest Rate Differential (up to 5th anniversary, 3 months interest after 5th anniversary), 10 % penalty reduction if refinanced with MCAP for
term longer
than current mortgage