Lower Interest Rate on Mortgage - Reasons to Get a Lower Interest Rate on Your Mortgage [mortgagegoalrates.blogspot.com]
OTTAWA â€" CIBC and Bank of Montreal announced Tuesday that they will be raising their mortgage rates. CIBC raised the rates on fixed-rate mortgages, following other major Canadian banks that did so Monday. CIBC raised rates on closed mortgages by 0.10 to 0.15 percentage points, with the popular five-year closed option rising 0.15 per ce...nt to 5.54 per cent, in line with the new rates announced by Royal Bank, TD Canada Trust and Laurentian Bank on Monday. CIBC's new rates become effective Wednesday. BMO Bank of Montreal also announced its changes in residential mortgage rates, effective Wednesday. A five-year fixed rate closed is going up to 5.54%, a 0.15% increase.
mortgagegoalrates.blogspot.com Canadian Mortgage rates on the rise
Want To Get a lower Interest Rate On Mortgage?
If you can you should take advantage of the times now and get a lower interest rate on your mortgage. Historically the cost of borrowing right now is relatively on the low side. You will definitely benefit if you take out a new loan right now or refinance your old one. There are several options you have during times like these but it is also important that you think through each one.
Reasons To Refinance Your Mortgage Now
Stabilize Your ARMÂ Loan-If you originally received an adjustable rate mortgage, then today might be a good time to switch to a lower rate fixed loan and enjoy the savings. Even if you can't save as much, you may want to consider giving up the insecurity of an ARM for a fixed interest mortgage.
Consolidating Your Debt- If you have alot of unsecured credit card debt and have the equity in your home you may want to consolidate your debt into your mortgage.
This way the interest you pay is tax deductible and your monthly payments should go down. Just be careful not to run the debt back up once you consolidate it!Improve Your Home- If you have any home improvement projects that you would like to do now is the perfect time. Not only are rates low but many contractors and home improvement supply stores are offering deep discounts. With these discounts you might be able to get more work done for less money!
Save Money- If you have no debt and do not want to improve your home you can still benefit from a reduced rate by lowering your monthly payment.
Most people advise that you only refi if you can drop your loan rate by 1 point or more. But if you plan to live in your home a long time it may benefit you to refi for as little as a 1/2 of a percentage point. Over time it will save you a lot of money in interest payments! Recommend Lower Interest Rate on Mortgage - Reasons to Get a Lower Interest Rate on Your Mortgage Topics
