Maybe it’s time: Many 5 – Year Fixed Rates are falling, many are starting with a “3” 3.99%, 3.89% can be had right now that is just for Hi=Ratio CMHC mortgages but we will soon see Conventional Mortgages below 4%. If you have a 5.89% or 4.89% Rate should you pay the penalty, break the mortgage & get a 3.99% Rate? The KEY is Math: you need to know your penalty right from the Lender, next is find the lowest rate: Go to WOWA or Ratehub find the rate & then get written verification you qualify, then study the time before your renewal occurs, if the renewal is within 18 months there may no reason to break now. There are some unscrupulous Mortgage Brokers on Tik Tok presenting wrong calculations to prospective Switchers: Ron lays out the Truth
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