CTV News - Mortgage Minute January 29
Whether you're renewing, refinancing, or upsizing, your Ottawa Mortgage Broker has helpful advice for you.
Click here for the full video from CTV Ottawa Morning Live.
On this week's Mortgage Minute, unsecured debt, mortgage rates and mortgage advice are the main topics.
If a home owner is planning to move in the next two years, or has only two years left on their mortgage, they will normally be encouraged to take a two year term when renewing. On this week's show, Frank advises viewers that with mortgage rates at historic lows, it may be more beneficial to take a five year term instead. The majority of mortgages are portable, so those planning to move in the near future can still have the advantage of their current low mortgage rate when they find a new home. For those who have less than five years left to pay their mortgage, it is recommended to calculate the interest savings of taking a five year rate and the possible penalty to pay it off early versus a possibly higher interest rate of a one or two year renewal. For more information, talk to an Ottawa Mortgage Broker.