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Mortgage Info – What are your Options?

With some uncertainty in our “new world” many people have naturally looked at their own budgets in order to make certain that they move through these challenging times with as little stress as possible.

Banks and lenders initially increased rates and have since reduced rates with many lenders waiving penalties to allow people to renew early or refinance as long as they are staying with the same lender.

This may provide some great opportunities for people to consider refinancing to pay off higher interest debt, possibly free up cash flow or pull equity out to invest further.

Having a look at current rates and options:

  • Refinance rates are below 3% (2.89%-2.99%) currently.
  • Home Purchasing rates are in the 2.69% – 2.79% range. 
  • Variable rate mortgages vary depending on the loan to value, but on average around prime (2.45%) with an option currently at prime – 0.15% (2.30%).

These are some great options for those in a position to take advantage of the times!

If you or someone you know is looking to look at options or take next steps…please reach out and we can connect you with one of our valued Finance referral partners.

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