Have you noticed that interest rates have gone down? Are you interested in switching to a different type of mortgage? When you choose to mortgage refinancing in Vancouver through Blue Pearl Mortgage Group, you could save cash over time, depending on the penalty and the size of your outstanding home mortgage. Refinancing a mortgage means paying off an existing loan and replacing it with a new one.

Since refinancing can cost between 3% and 6% of the loan’s principal and – like taking out the original mortgage – requires appraisal, title search and application fees, it’s important for a homeowner to determine whether his or her reason for refinancing offers true benefit.

One of the best reasons you should consider mortgage refinancing in Vancouver is to lower the interest rate on your existing loan. Reducing your interest rate not only helps you save money, but it increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.

You can also shorten the term of your loan when refinancing. When interest rates fall, homeowners often have the opportunity to refinance an existing loan for another loan that, without much change in the monthly payment, has a shorter term.

Another good reason to refinance your mortgage is to covert between an adjustable-rate and fixed-rate mortgage. While ARMs start out offering lower rates than fixed-rate mortgages, periodic adjustments often result in rate increases that are higher than the rate available through a fixed-rate mortgage.

Contact our Vancouver mortgage refinancing specialists today at Blue Pear Mortgage Group. We’re here to help you!