Interest rates are very low right now, and it's a good time to consider refinancing mortgages on Ajax homes. There are a
number of advantages with refinancing – but a few considerations on the other
side of the ledger as well.
The primary advantage of refinancing mortgages
on Ajax homes now is the low
rates; the interest you will pay out on a fixed rate mortgage cannot be more
advantageous. Another positive goal of refinancing would be to shorten the term
of your mortgage, becoming mortgage free sooner and, given the low rates, at
much the same cost.
If you are not under immediate pressure to refinance,
take your time and work out the best deal. It’s not like getting a mortgage has
to be signed and sealed by an etched-in-stone closing date. You can refinance
at any time.
Refinancing Mortgages on Ajax Homes Can Lower Your Interest Rates
Refinancing can free you from the variables that come
with an adjustable interest rate. You can also consolidate a second mortgage or
a home equity
line of credit (HELOC) with your first mortgage, lowering your
overall interest rates.
There is only one thing to look out for – the
potential costs involved in breaking your current mortgage and obtaining a new
one. The cost of refinancing can offset the lowered monthly payment you end up
negotiating. Make sure you know how many months it will take you, at your new
lower mortgage payment, to get back the money the lender has charged you for
refinancing your loan.
Can Help You...
With the situation so open to refinancing, it is a
good time to shop local. Again, you are in the driver’s seat in the current
market. Take the time to sit down face to face with a mortgage broker and work
through the savings you can realistically achieve through refinancing the
mortgage on your home in Ajax.