When applying for a mortgage refinance there are several areas that could ruin your refinancing mortgage deal. Don't let emotion dictate your mortgage refinance package.
Some of the things to avoid when refinancing a mortgage are:
* don't over estimate the value of your property. You may think that your property is a palace but to others it is a 3 bdrm home in need of some rona repairs.
* don't forget about any penalty fees that will occur if breaking your current mortgage. Legal fees, transfer, and ird need to be calculated into your refinance equation
* don't let a fixed rate be your only option
* a 1 year mortgage rate has been the historical winner
* if you do decide on a variable then remember that you should increase your monthly mortgage payment in order pay more on your mortgage principal
Those are the major mortgage refinancing tips that I encountered while looking for canada's best mortgage last month.
What tips do you have?
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