Should we refinance our mortgage?

Author: External Author | | Categories: Best Mortgage Brokers , Commercial Mortgages , Construction Financing , Home Purchase Mortgages , Mortgage Application , Mortgage Rates , Mortgage Refinances , Mortgage Renewals , Mortgage Specialists , Private Mortgage Lending

Rates are significantly lower than the one Jill and Bob have locked into until 2024. Would they save money by breaking their current mortgage?

We’re thinking about breaking our existing home mortgage to take advantage of low interest rates and would appreciate some guidance. This is our scenario:

  • Mortgage principal: $572,000
  • Weekly payments: $746.00
  • Interest rate: 3.78% fixed and locked in until December 2024
  • Penalty fee for breaking mortgage: $33,000

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Original Article Source Credits: MoneySense, https://www.moneysense.ca

Article Written By: ALLAN NORMAN

Original Article Posted on: DECEMBER 20, 2021

Link to Original Article: https://www.moneysense.ca/columns/ask-moneysense/should-you-refinance-your-mortgage

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