When should I start shopping around to refinance my mortgage?
I have a 25-year mortgage that is fixed within four years approaching next July in 2009, under rate of 4.29%. Should I start shopping around a month or two before the presidency? Or should I wait for the bank contact me? Is it better to go through a bank or a mortgage broker? I live in Canada. My current mortgage is through a bank. This is my first mortgage and the next year marks the first time you refinance. Thanks!
You have a fixed rate for four years? Then it becomes an ARM? In the U.S., I would say start shopping around for a couple of months before the rate adjusts. If there is no prepayment penalty and you are in a declining market, you may want to start purchases at all times to ensure that your home will be considered in the amount of refinancing.
Higher Mortgage Rates Discussed by RateSupermarket.ca on Canada AM
