Tapping into Lower Interest Rates: Does Renewing Your Mortgage Early Save You Money? Jul 22nd

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Tapping into Lower Interest Rates: Does Renewing Your Mortgage Early Save You Money?
Late last year, many had forecasted that the Bank of Canada might cut interest rates in 2020. However, no one could have foreseen just how low-interest rates were about to plummet in the coming months.
Canada’s COVID-19 lockdown led to a sharp rise in unemployment, causing the Bank of Canada to slash its key lending rate from 1.75% to 0.25% in just the span of one month.
The silver lining for those still employed and with a mortgage is that mortgage rates have also fallen to historic lows—which means for some, it may be the right time for an early renewal.
How the pandemic may affect a renewal
As the pandemic was taking hold of the economy, a rush of homeowners inundated lenders with requests for mortgage payment deferrals, which led to delays for other services, such as mortgage renewals. Fortunately, things have normalized once again, and processing times are back to where they were.
When your mortgage comes up for renewal, your lender doesn’t always re-verify your employment situation…

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