Refinancing your mortgage is rather easy once you have the right tips, so read on and find out more about this financial process. We are going to talk a little bit about the refinancing process and things such as getting a credit score, gathering financial data, interviewing mortgage lenders, and the closing process.
Gather all your financial data so that you can get a clear picture of your life in this aspect. Collect bank statements, pay stubs, statements of your investment accounts, mortgage statement. Find out what your credit score is so that you can have a clear understanding of the mortgage products that are right for your particular situation. Equifax and TransUnion could require the payment of a small fee for this service, but the first credit score is free.
Your mortgage broker will work for you to obtain the best conditions on your mortgage at the best rate. To remain with the actual lender or seek a new lender will be a subject to discuss with your broker.
Choose the lender you wish to work with at your broker’s recommendation and then begin the appraisal process of your file. They will check out your property taxes, employment data and financial information.
| Current rates as of | ||
| Mortgage product | Posted rates |  |
| 5 years variable | 6.70 % * | 5.75 % |
| 1 year | 6,79 % | 5,99 % |
| 2 years | 6,59 % | 5,74 % |
| 3 years | 6,44 % | 5,19 % |
| 4 years | 6,34 % | 5,14 % |
| 5 years | 6,34 % | 4,79 % |
| 6 years | ||
| 7 years | 7,00 % | 5,39 % |
| 10 years | 7,49 % | 5,89 % |
| *Represents the Prime Rate. Some conditions apply, subject to change without prior notice. | ||
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