Is it time to take advantage of low rates. If you took out a mortgage in 2016 and 2017, it might be time to explore an early renewal or refinance. Depending on what your mortgage penalty looks like, it might be worth it.
We can add $3000 of your penalty into your early mortgage renewal. This low rate can save you money every month in payments and also interest costs on your mortgage. If your mortgage penalty is higher than $3000, we can explore whether taking advantage of a cash back mortgage to help cover the penalty is still a good options. It does really depend on what the penalty works out to be.
Even taking advantage of a cash back mortgage at renewal time could help pay off high interest credit card debt. On a $300,000 mortgage with a 3% cash back, you would get $9000 back to payoff credit card debt of 18%. Cash back rates are currently 2.12%.
It really depends on what the numbers work out to be. Whether early renewing your mortgage or refinancing to pay out debt, it is all based on the numbers.
Mortgage Tailors can analyze your current mortgage, see whether breaking it early is financially beneficial for you and your situation. Taking advantage of low rates can save you in monthly payments, freeing up monthly cashflow for you and your family. If you can also save interest over the life of the mortgage, means less overall borrowing costs.