08 Jan 2016

As of January 8th, 2016, RBC has increased their mortgage rates and be prepared as other banks will most likely follow. In these times, refinancing your home may be something to look into. Christine Wiley talks about this on CBC News, watch the video above to get deeper information!

Why Refinance?

– Taking advantage of equity from your home
– Getting out of debt & Debt consolidation
– Lower interest rate mortgage
– Job loss or maternity situation
– Home renovations


– Appraisal fees (some legal costs if you haven’t had a mortgage before or penalties): roughly $300-$500
– If you have penalties, it is 3 months of interest on your existing mortgage or if the interest rate differential is more, it is the greater of that
– Another option is that in the mortgage, you may have some hidden treasures like a payment holiday. If you’re in the job loss situation, you may have the option to defer your payments for 4-6 months
– Home equity line of credit can be accessed to pay only the interest amount that you are able to use
– Re amortizing your mortgage over a longer period of time with lower payments but higher interest – it can’t go beyond 25 years.

Seniors (55+)

– There is a reverse mortgage option. You can access up to 50% of the equity of your home
– There is no tax implications especially if you are on a type of subsidy

If you are seeking financial help, we are more than happy to guide you. Comment below or give us a call and mention this blog post!