in our free newsletter.

Thousands benefit from our email every week.

These record-low rates offer a rare opportunity to shave hundreds of dollars off your monthly mortgage payments, and tens of thousands off the total cost of your loan.

Even if you’ve only had your current mortgage for a year or two, refinancing could save you a bundle — that is, if you act soon.

Trying to time the market could cost you

As the pandemic drags on and rates keep dropping, you might be tempted “time the market” with refinancing to see how low they’ll go. That’s a risky move

Why? Because it’s impossible to predict how long these bargain rates will last. Waiting even a day too long could cause you to lose out on major savings.

So don’t try to be a hero — lock in a low mortgage rate while you still can.

Good credit is important for getting the lowest mortgage rate, and sites like Borrowell can help you check your credit score for free. Don't wade into the housing market without knowing where you stand.

Check your score

Make sure a refi is the right call

The goal of refinancing is to save money, so it’s important to ensure that the fees you’ll pay won’t outweigh the amount you’ll save.

Some of the typical costs of refinancing include legal fees ($700 to $1,000), your mortgage registration fee (around $70), and a discharge fee (up to $400) if you happen to change lenders.

You’ll also be on the hook for a prepayment penalty for breaking your existing mortgage early, which can cost as much as 4% of your total loan.

But don’t let any of that discourage you. With rates at all-time lows right now, even with all the hefty fees you’ll likely still save thousands of dollars by refinancing.

And with the help of a free service like Loans Canada, you can feel confident that you’re making a smart move — and getting the lowest rate possible.

How Loans Canada works

Loans Canada uses proprietary matching technology to find you the best loan for your needs from Canada’s top lenders, saving you the hassle of shopping around for rates on your own.

Just fill out a quick application and Loans Canada will do all the legwork for you.

They’ll also connect you with a mortgage refinancing specialist who can address any questions or concerns you might have regarding your refi.

Loans Canada is totally free to use and it only takes a few minutes to apply. So sign up today — it could save you thousands of dollars.

You're 5 minutes away from the best mortgage

Searching for your perfect mortgage shouldn’t be hard.

Homewise is an online brokerage that will negotiate on your behalf with more than 30 big banks and other lenders, completely free, and it only takes five minutes to apply.

If you're in the market for a new mortgage, or if you're looking to refinance before interest rates rise again, go to Homewise now and answer a few simple questions to get started.

What to Read Next

Disclaimer

The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.