Refinancing your Windsor Home

     Today it seems hard to get the right advice when it comes to refinancing your home. You get advice from everybody around you saying “just pay the penalty, and go into a lower rate”, or “its not worth it, it costs too much”. Whichever be the case, there is an answer.

     Sometimes it is worth it to contact your Windsor Mortgage Agent and discuss the penalty. Your penalty can be the greater of a THREE MONTH INTEREST PENALTY or I.R.D. Interest Rate Differential. In a nutshell if you have a variable rate of interest you will usually only pay this three month interest. It literally is three months worth of interest. The latter charge can be a hefty one and usually applies to fixed rate mortgage terms. In a sense it is the bank recapturing its interest on the contract you are breaking.

     When you discuss your mortgage payout it begs the question…”how much is this going to all cost?” When you refinance you are re-doing a charge on your deed. This has to involve a lawyer. You can always choose your own lawyer, or have a Windsor Mortage Agent choose a highly recommended lawyer for you. This can range in cost, but $400 is standard plus your disbursement for performing a mortgage refinance. The fee $400, with the disbursements being $350 brings the total to roughly $750.00. Prices can vary.

               Always make sure you perform a cost analysis and break-even point. It should always save your interest or cash-flow. Many times your Mortgage Agent can save your thousands.

Your Fearless Mortgage Agent

Duncan Wilson

For Mortgage Information Call 5199822505

Or Email Wilsond@dominionlending.ca

      According the Caamp Market Report for 2010 5.6 million people in Canada have a mortgage. Half of these people get two mortgage quotes from banks, and seek a rate. There is a problem with this however. Searches on your credit bureau by each bank can lend to a situation where your beacon score starts to decline. A Windsor mortgage agent can help discuss mortgage options, as well as send your info to multiple lenders using one singal credit report. It lends to say it pays to know a Mortgage Agent and have one in your back pocket.

Your Fearless Windsor Mortgage Agent

Pre-payments * 12%: Percentage of mortgagors who made a lump-sum pre-payment in the past year. o So many people want 20% pre-payment privileges and so few people use them. Many would be better off trading pre-payments for a lower rate. * 16%: Percentage of mortgagors who increased their regular payments in the past year. * 7%: Percentage of mortgagors who did both.