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 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.

 

 

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.