Life After Refinancing | Mortgage Weekly | April 21st, 2018 | Jason Roy | Edmonton Mortgage Broker

#MortgageWeekly time. What a difference, what a difference a week makes. Look there’s hardly any snow left. Last week
snowing freezing this week I’m out in a t-shirt amazing it’s only just about the
end of April how lucky are. I was just down by the park to and I just heard a mom say
shouting at her son don’t drink out of the puddles so anyway that’s happening
now that the snow is melting so #MortgageWeekly I just want to talk about there’s some conversations in one of the mortgage Facebook groups that I’m in about options for refinancing your mortgage and switching your mortgage so if you have refinanced or you’re going to refinance any time from November 2016 on that
mortgage is now falls under a different category for when it comes time for
renewal and you want to switch your mortgage to new lender so if you want to
change lenders for a better rate at renewal whether it’s one year two year
or five years whatever it is you fall under different category that doesn’t
allow you to switch your mortgage for some of the best rates so you fall on
the uninsurable category and that category unfortunately has the crappiest
of the rates so if you’re if you’ve already refinanced after November 2016
and you took a one or two year or three-year term and your mortgage is
gonna come due for renewal here in a bit just know you you can move from lender
to lender it’s just you’re not gonna get the best rates that are out there you’re
gonna get some of the worst rates that are out there and if you’re thinking
about refinancing to pull some equity out of your house or you might need to
refinance maybe we need to look at is there a different option or is there a
better option does a line of credit possibly in the second position
make more sense does a second small second mortgage make more sense
does refinancing makes sense like what’s the best way to deal with it and maybe
maybe it is refinancing maybe it’s not but at least just have that conversation
so that you keep your options open or understand your options for when it
comes time to renew that mortgage in the future so if you’ve already refinance
nothing you can do about it and again that’s after November of 2016
nothing you can do about it at that point if you haven’t and you may need to
access again some equity some cash for something let’s have that conversation
first and see what makes sense other than that Bank of Canada held the
overnight lending rate which means the variable prime rate did not go up which
means your variable rate mortgages and your lines of credit personal and home
equity line of credit the rate did not go up so that so that’s held possibly
might go up in May maybe July we’ll see what happens with the next announcements
as the Canadian economy continues to kind of struggle somewhat that’s it so
hopefully it stays nice hopefully you get an opportunity to get outside but
yeah have a good weekend and we’ll talk to you next week ciao bye

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