Interest rates started to drop last year and while people with variable-rate mortgages have been vindicated in their choice, homeowners renewing their 3 to 5 year fixed-rate mortgages this year could see some savings coming their way.
With such an economic reality facing Canadians, homeowners will need to shop around to find the best rates and terms so they can see if it's worth switching their mortgage right now. You should always check current mortgage rates to see if you're paying more than the market. The great news is it’s entirely within your power to switch your mortgage before the end of your contract. However, it’s crucial to understand the potential costs involved, as it can be quite expensive.
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