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Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!

January 26, 2023 | Posted by: Paul Gazzola

Borrowers are loving the current record low interest rates, and homeowners stand to benefit even more.

Low Interest Rates

If you bought your home more than a few years ago, you could probably benefit from a refinance at today's low interest rates. With interest rates this low, you owe it to yourself to at least give refinancing a look. If you can refinance your mortgage and get a rate at least half a percent lower than what you are paying, chances are refinancing makes sense.

Refinancing your mortgage to get a lower rate is one of the smartest things you can do. When you refinance your mortgage to a lower interest rate, you gain the instant benefit of a lower monthly payment, and those savings can really add up. Depending on the amount of your mortgage, even a small drop in interest rates could mean hundreds of extra dollars in your pocket every month.

While those instant savings are certainly compelling, a lower mortgage payment is not the only advantage of refinancing your mortgage. When you take the long view, the value of a mortgage refinance becomes even more apparent. Every dollar you save now is one less dollar you have to pay the bank - and one more dollar you have to invest. Over the life of the mortgage loan, the combined interest savings and extra investment income could mean tens of thousands of dollars in your portfolio.

Refinancing your mortgage at the current low interest rates is also a great way to pay for needed home repairs. If your home needs work but you lack the funds to pay for it, refinancing your mortgage could allow you to take money out and tap the equity you have built up through the years. And since interest rates on home equity loans are generally lower than other types of loans, you will pay less interest as you get your home back in shape.

There are many compelling reasons to take advantage of the current low interest rate environment. These low interest rates have already lasted longer than usual, and they will not last forever. At one point interest rates will be going up, and when they do everything from home repairs to monthly mortgage payments could be costing you more. At the moment, interest rates are still at historic lows, and now is the time to act.

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Leading Mortgage Broker in Guelph and surrounding areas since 1986. Paul Gazzola and the Guelph Mortgage Architects Team specialize in purchases, renewals, refinances, investment properties, first time home buyers, new to Canada, debt consolidation, those going through a separation or divorce, bruised credit repairs, second homes, vacation homes and all other financing needs. This team has access to over 50 mortgage lenders and institutions, including the big banks, credit unions, trust companies and monoline lenders. At Paul Gazzola - Guelph Mortgage Architects, the best and lowest mortgage rate with a tailored product to your unique situation is always prioritized and explained so that clients can make a well-informed decision about their financing needs.