Quality Things to Unveil About Mortgage Refinance in Canada
For home buyers, the best part in COVID-19 is mortgage interest rates dropped to record lows in some of Canada's major cities. The top cities in the list are Ontario, Brampton, Oakville, and many others. If you’ve been in the hunt for buying a house in the cities mentioned above, you may be able to lock in rates below 3%. Some could even see prices as low as 2.5%. But refinance is another matter. At some major banks and lenders, interest rates for refinancing loans are significantly higher than those for purchase. That means if you’re refinancing, you’ll need to be extra thorough in your research. Many times it has been seen that a lot of Canadian residents of the cities mentioned above have difficulty in understanding mortgage refinance . Let's hear it out in this blog. In professional terms, a mortgage refinance is a financial transaction in which you replace your current mortgage with a new one to gain some...