A mortgage refinance is when you are breaking your current mortgage and starting a new mortgage, either with the same lender or a different one. Refinancing can help you take advantage of a better mortgage offer, unlock equity in your home, or to consolidate your debt. When you refinance, you will need to pay penalties (fees) to break your mortgage. The penalties will vary based on the lender, so it’s important to understand how to calculate these fees before you move forward. From there, you can make an informed decision whether it’s financially beneficial for you to refinance.
Perch can help you decide if it makes sense to refinance your mortgage in Toronto, Ontario. Our mortgage penalty calculator helps you calculate the costs of breaking your mortgage. When you set up an account with Perch, we’ll automatically monitor the mortgage market and let you know when there’s an opportunity to save money by switching mortgages. Perch can calculate the difference between your mortgage penalty costs and the amount of money you could save with a lower mortgage rate, and tell you exactly how much money you can get back.
Toronto mortgage rates are constantly fluctuating. These fluctuations are caused by changes in Canada’s bond yields (driven by Canadian economic developments and international rate movements) and the Bank of Canada’s overnight rate.
See below for a chart of Toronto’s historical mortgage rates:
Canadian Western Bank
XMC Mortgage Corporation