Interest rates have dropped, leading to lower monthly payments for many.  While we would all love to save on our mortgages, this week’s 50 basis point rate cut in the prime rate brought some welcome relief for homeowners with variable-rate mortgages and lines of credit specifically.

If you prefer the stability of your fixed rate, transferring your mortgage to another lender right now could still yield significant savings. It’s also worth considering the potential benefits of a variable-rate mortgage, depending on your situation.

By switching to a new lender, borrowers might:

• Secure a lower payment or lower fixed interest costs: Reduce monthly payments or interest costs depending on the amortization length you select.
• Explore the potential savings of a variable-rate mortgage: With the option to lock in a fixed rate later if desired.
• Access a wider range of mortgage options: Fixed, Variable, Hybrid, Lines of Credit, First Time Homebuyer Programs, Reverse Mortgages, Net-Worth, and Self-Employed Borrower Programs, all tailored to your specific needs.

While transferring your mortgage may involve a break fee, the potential savings could significantly outweigh this cost, even if you just renewed or purchased in the last few years. I would be pleased to assess your current mortgage, calculate potential savings, and help you determine if a transfer is the right move for you.

Reach out any time to discuss your particular situation and how you might make the most of the options available to you, my number is above and I’m always happy to help.

Image Credit: Eric Froehling, Unsplash