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With mortgage rates at all-time lows, refinancing now could save you thousands

It’s a chance to trade in your current mortgage for a better one?

Branislav Nenin / Shutterstock

If you’re a homeowner, there’s never been a better time to refinance your mortgage.

Rates are lower than ever, and experts say this is a rare chance to lock in a home loan at a bargain price.

Even if your current mortgage is only a year old, refinancing today could save you hundreds of dollars a month, and tens of thousands over the course of your loan.

These ultra-low rates won’t last forever though, so if you want to take advantage you should act now — before it’s too late.

Trying to time the market could cost you

As the pandemic drags on and rates keep dropping, you might be tempted to hold off on refinancing to see how low they’ll go.

But trying to “time the market” is a risky move.

It’s impossible to predict how long these bargain rates will last, and if you wait even one day too many you may miss out.

So don’t sleep on the chance to lock in a low mortgage rate while you still can.

Here’s how to refinance into the best rate

Even though rates are at rock bottom, you shouldn’t just jump at the first offer you get. To take full advantage of the current market you’ll need to do your homework first.

There are costs associated with refinancing, so you’ll need to calculate whether your new loan is worth it. If you’re not great with numbers, you can use a free service like Loans Canada to save yourself some time.

Loans Canada will compare rates from Canada’s top lenders and find you the best option available for your specific needs.

They’ll also connect you with a mortgage refinancing specialist who can address any questions or concerns you might have regarding your refi.

Even if you’re just curious about how much you could save, you can use the tool below to get a free quote on a new home loan today.

This article was created by Wise Publishing, Inc., which provides clear, trustworthy information people can use to take control of their finances. Millions of readers throughout North America have come to count on the Toronto-based company to help them save money, find the best bank accounts, get the best mortgage rates and navigate many other financial matters.




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