MoneySense Toolkit: The mortgage refinance calculator Mar 31st

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MoneySense Toolkit: The mortgage refinance calculator

– moneysense.ca

Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while refinancing can lead to substantial savings, it can also come with steep costs. That’s when a mortgage refinance calculator can come in. It gives you a quick breakdown of the financial pros and cons of refinancing, which should make it easier for you to decided on the best course of action.

What does it mean to refinance a mortgage?

To refinance your mortgage means to break your current mortgage contract and negotiate a new one, either with the same lender or a new one. When you refinance your mortgage, you are taking out a new mortgage loan under different terms and paying off your existing one. Doing this before your mortgage is up for renewal can result in prepayment penalty fees.

How to use a mortgage refinance calculator

Should I refinance my mortgage? That’s a question many borrowers face at some point in their lifetimes. And there are a number of variables to consider…

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