Should I Break my Fixed-Rate Mortgage for a Lower Rate?

With Mortgage rates on the rise does it make sense to refinance your current 5-year fixed mortgage in search of a lower rate?

In this video, I discuss what IRD penalties are and help you decide if you should consider breaking your current mortgage to obtain a lower rate.

0:00:18​ - What is the point of breaking your mortgage to refinance?

0:00:29​ - What factors you need to consider when breaking your mortgage

0:00:56​ - What are IRD penalties?

0:01:10​ - How are IRD penalties calculated? 0:01:29​ - What happens to IRD penalties when rate changes?

0:01:51​ - What you need to do to figure out if you can save by breaking your mortgage today.

If you have any questions about this or anything else mortgage please feel free to reach out to me anytime!

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