October 6, 2023 – Happy Thanksgiving!

https://peterpaley.com/refinance/

Refinancing At Renewal

Interest rates are stubbornly high. As we have been posting for the last few weeks renewals were going to be tough on some households.

Fixed mortgage rates have been steadily increasing and many renewal agreements that we are seeing are well north of 6%. In some cases, this is a doubling of a borrower’s mortgage interest rate.

The important thing to remember is to stay calm. If your interest rate is doubling, that doesn’t mean that your mortgage payment is going to double, but it will increase and the increase may be uncomfortable.

One strategy is to refinance at renewal. If there is enough equity in your home, you may be able to improve your household cash flow by taking out the equity in your home and paying off debts like credit cards, lines of credit, and vehicle/student loans. Payment affordability is going to be a hot topic in the coming months.

Even if you are comfortable with the higher rates and payments on renewal, it can really pay to get a 2nd opinion. We are able to offer you even better rates if you have a lot of equity built into your home (25%, 35%, or more). Even if we are unable to better your mortgage rate and terms, you will have the peace of mind that you made the wisest decision you could make at the time!

Contact us about your mortgage renewal or to see if refinancing is right for you!

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