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 Vancouver, British Columbia. 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.
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Vancouver has the highest priced housing market in Canada and some of the biggest mortgages in the country. Competition is high for lenders and mortgage brokers and because of the city’s high home prices and high net worths, loan amounts are much higher compared to other cities.
See below for a chart of Vancouver historical mortgage rates:
Canadian Western Bank
XMC Mortgage Corporation