Clinton meets up with Ana from CTV to talk about cottages and purchase plus improvements…
Clinton meets up with Ana from CTV to talk about low interest rates in this segment of Mortgage Minute.
CTV Mortgage Minute: Spotlight on low interest rates
Don’t feel like watching the video? Check out the transcript below.
Leveraging historic low rates
Ana: [00:00:00:15] Hi, I’m Ana Almeida and I’m here with Clinton Wilkins, and this month in your Mortgage Minute, we are putting the spotlight on low interest rates.
Clinton: [00:00:06:15] Interest rates are at historic lows. Now could be a great time to review doing a refinance or maybe an early renewal.
Ana Almeida: [00:00:13:27] How do we refinance?
Clinton: [00:00:15:06] So the way that a refinance works is you can refinance up to 80 per cent of the market value of your home, less the existing mortgage or secure line of credit.
Breaking a mortgage
Ana: [00:00:24:19] Are there penalties to be paid if you break your mortgage?
Clinton: [00:00:27:24] Yes. You’re going to pay a penalty of either three months interest, or an interest rate differential. The bank never loses.
Get advice from an unbiased mortgage professional
Ana: [00:00:34:24] Well, if someone has some questions and they’re not sure where to go, what would you recommend?
Clinton: [00:00:39:08] Well, the market values have been increasing. And I think that now is a great time to seek the advice of an unbiased mortgage professional in your area.
Ana: [00:00:46:23] That is such great advice. Always. Thank you so much for your time. We’ll see you next time.
Clinton: [00:00:51:01] See you next time.
Ana: [00:00:51:15] All right, in another Mortgage Minute.
Looking for more information about changes in the market, or other mortgage application advice? Feel free to contact us!