Of Prime Interest: When is it time to renew your mortgage early?

Get a new mortgage tailored to suit your needs at very low, competitive interest rates.

One of the most common questions we are asked is: “Is it time for us to get out of our existing mortgage, pay a penalty (if appropriate) and refinance at a lower rate?”

The most important thing to realize is there is no easy answer. When we receive a call there are important questions we ask: What is your current interest rate? What is the remaining term on your mortgage? What are your monthly, bi-weekly, semi-monthly or weekly payments?

The above information will supply us with the tools to be able to calculate if it is worthwhile to pay a penalty (if appropriate) and refinance at a lower rate.

What you must realize is by lowering the interest rate and leaving your payments the same as when your rate was higher, the principal amount on your mortgage will reduce much quicker thereby saving a lot of future interest costs and building up the equity in your property at a faster rate.

Also, when it comes to a future renewal, the principal balance of your mortgage will be much less.

If you are worried about inflationary aspects in the future and rising interest rates you may wish to renew your mortgage early and guarantee a rate to hopefully carry your mortgage over a period where mortgage rates may increase in the next year or two, when your mortgage may be coming up for renewal. Plus, if you are on a tight budget, lower payments may help ease the cash crunch you may be in now or the future.

If your mortgage is up for renewal in the near future and you wish to leave your existing financial institution, it may be possible to “switch or transfer” your mortgage without having to pay fees.

There are many interest rate options and terms available: closed, fixed rate mortgages from six months to 10 years; closed, variable rate mortgages for three to five years at historically low rates; open variable rate mortgages and credit lines at competitive rates. We will find the best rates and terms to fit your needs to ensure we do what’s best for you.

We have seen the ups and downs of mortgage interest rates over our many years of lending and we can tailor a new mortgage to suit your needs at very low, competitive interest rates. A five year fixed rate is at 2.69 per cent.

Just Posted

Haunting songstress to perform in Kelowna

Lana Winterhalt will perform at Milkcrate Records Oct. 19

Homeless strategy, living wage topics of final Kelowna candidate forum

The all candidates forum was held Wednesday night at the Rutland Centennial Hall

Cannabis not welcome on Central Okanagan school grounds

School district superintendent/CEO addresses cannabis issues in letter to parents

Cirque du Soleil’s Corteo comes to captivate Kelowna

The show premiers Oct. 17 at Prospera Place

Kelowna Chamber of Commerce hears cases for and against proportional representation

Official proponent and opponent speak about the pros and cons of changing how we vote provincially

Watch it again: Kelowna mayoral candidates square off

Missing the LIVE Kelowna mayoral debate watch now

Watch it again: Kelowna mayoral candidates square off

Missing the LIVE Kelowna mayoral debate watch now

Black market will thrive until small pot growers and sellers included: advocates

Advocates say the black market will continue to thrive until small retail shops and craft growers are included in the regime.

Goodbye cable, hello Netflix: 1/3 of Canadians cut the cord

Just under half of households no longer have a landline phone

‘Some baloney’ in assertion Canada’s pension fund has highest ethical standards

The Canadian Press Baloney Meter is a dispassionate examination of political statements culminating in a ranking of accuracy on a scale of “no baloney” to “full of baloney”.

In Mexico Beach after Hurricane Michael, some coming home find no home

State emergency management officials said some 124,500 customers across the Panhandle were still without power Wednesday morning and 1,157 remained in shelters.

Man linked to Saudi prince at consulate when writer vanished

Saudi Arabia, which initially called the allegations “baseless,” has not responded to repeated requests for comment from The Associated Press over recent days.

Manhunt in Crimea for possible accomplice in school attack

An 18-year-old student, who later killed himself, was initially believed to be the only one involved

Police hand out a few hefty fines for allegedly violating Cannabis Act

Police in Canada posted a photo of a $215 ticket given to someone who allegedly had a baggy of marijuana in their car

Most Read