Top 5 reasons why people break their mortgages:
1. Sale and purchase of a home
If you are considering moving within the next 5 years you need to consider a portable mortgage. Not all of mortgages are portable. Some lenders avoid portable mortgages by giving a slightly lower interest rate.
Please note: when you port a mortgage, you will need to requalify to ensure you can afford the “ported” mortgage based on your current income and any the current mortgage rules. The rule changes have been fast and furious over the last few years.
2. To take equity out/refinance
3. Relationship changes – families, marriage, living together
4. Health challenges & life circumstances
5. To save money, with a lower interest rate
Mortgage interest rates may be lower now than when you originally got your mortgage. • Work with your mortgage broker to crunch the numbers to see if it’s worthwhile to break your mortgage for the lower interest rate.