If rates continue to rise, and most forecasters believe they will, you may want to look into locking in at lower interest rate before it’s too late, but there are a number of factors to consider before re-signing on the dotted line.
The Conservative government has introduced a number of tax credits and measures to save tax payers billions. Here’s what’s new – and what it means for your money.
Are you close to making your final mortgage payment? It’s a great accomplishment – but could you benefit from additional payment options and save more on interest?
Breaking your mortgage, or even trying to pay it off early, can result in steep mortgage penalties. Calculating these costs can be very confusing for consumers – but banks are looking to address this information gap with a new code that calls for more transparency.
One of the questions we hear most is – when should I break my current mortgage to get a better rate? Yes, the grass is always greener on the other side (especially when it seams like everyone has a better rate than you do). But when it comes to your mortgage, it’s best to weigh out the costs first to determine if it’s worth it.
CTV’s Pat Foran, profiled a customer who had a misunderstanding with TD Bank about the size of her mortgage penalty for breaking her mortgage contract. RateSupermarket.ca’s, Kelvin Mangaroo, commented on the different mortgage penalties and that consumers need to be aware that the interest rate differential could add up to thousands of dollars. For more …