Record setting low rates
Posted on Aug 2, 2012 in Mortgage Market Updates and News
With mortgage rates time and time again setting record lows, now's the time to take advantage in a positive way and pay off your mortgage faster. Yes, mortgage rates are low, lower than they've ever been at 2.89% for 5 years fixed, but that isn't necessarily a reason to pile all your debt into your house and extend amortization. Take advantage of these low rates in a positive way and use them to pay your mortgage down faster. If you refinance your mortgage to a lower rate, keep your payment the same, all your additional money each month will go straight towards principal and you'll be amazed how much extra you pay off on your mortgage.
With rates as low as they are it's more important now than it ever has been to prepare for an increase at the end of your term. If you lock in 5 years now at 2.89%, in 5 years, you have to refinance, what if rates are 5 or 6% then? That could hugely increase your payments, even with the decrease you'll see in your principal. So it's important now, to pay off as much principal as we can to make our future refinance amounts as low as possible.
Call Sharie Marie Francoeur, Mortgage Professional with TMG The Mortgage Group Canada, today, to discuss your refinance and rate options. 2507300239 email@example.com