With all of the negative news about the economy in recent years many families that were looking at buying a new home in Canada or getting ready to renew their current mortgage have put their dreams on hold, but there is good news this summer! Mortgage rates have dropped to their lowest rates in nearly 2 years with a 5 year fixed term rate hovering between 3.09% and 3.39%.
Additionally, due to changes in mortgage regulations this year that created some anxiety for first time home buyers the lower rates are a welcome sign that they can move forward. The new low rates also apply to home owners that have been waiting for a better rate to renew their mortgage, refinance for debt consolidation, free up equity to invest, or buy a second property.
If you already own a home taking advantage of these new low rates and refinancing a mortgage now offers many potential benefits including:
• Lower your monthly payment (new mortgage, 2nd mortgage, refinancing, or renewing).
• Reduce your amortization and pay off your mortgage years sooner.
• Save thousands of dollars in interest over the life of your loan.
• Use a portion of your equity to consolidate high interest debts
• Start a business, invest, take a trip, pay for college or a wedding... It's your money, you decide.
Mortgage refinancing is one of the best ways to borrow money because of the lower interest rates offered on mortgages in comparison to other lending or financing options.
With Banks and Lenders across Canada competing for business there are also many more options for home ownership at low rates for families that had challenges in the past due to non-traditional income sources such as self-employment, new immigrants to Canada, poor credit (or no credit) and other challenges such as divorce or single parents.
If you have been thinking about buying a home, refinancing, or consolidating your debt talk to a Mortgage Broker to find out what your options are, a Broker can shop around for the best rates and options without having to do multiple credit checks on you, negotiate on your behalf, and there is no fee to you for working with a Broker. Buying a home is a big decision, take your time to explore all the different option available to you and make sure you talk to your broker and any questions you have - they can also assist you in creating a team of experts for securing legal advice, inspections, appraisals, buyer incentives, realtors, and much more.
We have put together a variety of free mortgage calculators for you to use to estimate what you may qualify for or how much ou can save on your mortgage payments by taking advantage of the new lower rates. To access the calculators go to: http://www.larryarnason.com/calculators.
~ Larry Arnason, your Mortgage Specialist
Larry Arnason, Calgary's Mortgage Broker - Axiom - Please visit our website to complete a free, 30 second, secure, online application to find out what your mortgage and financial options are.
http://www.larryarnason.com/
403-265-5363
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