With Rates Falling At What Point Do I Re-Negotiate My Mortgage?
Friday, July 11th, 2008Chris O asked:
We have 4 years left on our 5 year term of 5.1%….there is still 208k left on our mortgage, the table looks like we should have it paid off in 18 years.
We have 4 years left on our 5 year term of 5.1%….there is still 208k left on our mortgage, the table looks like we should have it paid off in 18 years.
With rates the way they are, how do I figure out what point it makes sense to pay the penalty and re-negotiate my mortgage rate early of the renewal?
This is a Canadian question, and RBC is the lender if that helps.
Rhonda
