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CTV Mortgage Minute: Spotlight on low interest rates – March 18, 2021

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!