All mortgage holders renewing in 2024 will experience a little or a big payment shock.  If you’ve been following along, we are committed to providing all clients with our best renewal rates!   We will honour this commitment until the end of 2024%

But what if the lowest renewal rate isn’t enough?   Let’s face it, 2023 was brutal for inflation, groceries, gas, cost of living, property taxes, and utilities all were high and killing our household budgets.   You may have borrowed a bit too much on your credit cards, the line of credit balance may also be too high, and you may have taken more out of savings than you would have liked.

If this is the case, the answer may be to think empirically.  Let’s compare all of your monthly payments, utilities, car loans, leases, credit cards, lines of credit, and loans.  If you have more than 20% equity built up in your home, a refinance may be the best option.  The rate may be slightly higher than your renewal rate, but you may be able to lower your overall monthly payments and pay off your debts faster.

We are experts in helping our clients make this decision!

If you are curious to know which is better (renewal or refinance), contact us today!