What To Know For Your Mortgage Refinance
Breaking Your mortgage early; penalties
Most mortgages in Canada are set up with a specific term, often two to five years. If you decide to break your mortgage before the end of that term, there is usually a penalty charged by the lender. Understanding how these penalties work is important if you are thinking about selling your home, refinancing, or making changes to your mortgage.
How refinancing can save you money!
Refinancing your mortgage can be a powerful financial tool when used strategically. Many homeowners think refinancing is only about accessing equity, but it can also help reduce interest costs, improve cash flow, and better align your mortgage with your financial goals.
understanding your amortization options
When setting up a mortgage, one of the key decisions is choosing the amortization period. The amortization is the total amount of time it will take to pay off your mortgage if you follow the regular payment schedule. In Canada, the most common amortization options are 20, 25, and 30 years. Each option has its own benefits and may depend on the type of mortgage product you qualify for.