Are you thinking about refinancing your home loan in Regina? Read on to learn how to save money on your monthly payments!
Mortgage Renewal Regina: Tips for Saving Money
1. Get multiple quotes: Mortgage rates can vary significantly from lender to lender, so it pays to shop around and compare rates before renewing your mortgage.
2. Go for a shorter term: Opting for a shorter mortgage term (e.g., switching from a 30-year mortgage to a 15-year mortgage) will typically result in lower interest rates and monthly payments, helping you save money in the long run.
3. Make lump sum payments: If you have extra cash on hand, consider making lump sum payments towards your mortgage principal – this will help reduce the amount of interest you pay over the life of the loan.
4. Refinance at the right time: Timing is everything when it comes to refinancing – make sure to lock in a lower rate before interest rates start to rise.
By following these tips, you can save money on your mortgage renewal in Regina – and use those savings to pay down other debts or build up your savings!
Would you like to talk more about mortgage renewal in Regina? Give the team at City Centre Mortgages a call today!