Given that it is likely that interest rates will increase in the near future, it would be pointless refinance now mortgage carry to another entity, either bank or savings bank. We can also see very interesting offers whereby entities are responsible for the cost of subrogation. The key factor to decide if we should refinance the mortgage is the differential we have now agreed with the entity. While it may be beneficial for the majority of people to refinance their mortgages as quickly as possible, it doesn’t interest all because as we said to the differential that we applied. In the event that we have a high differential and you want us to change the mortgage entity we must bear in mind that the subrogation has a cost; notary fee, Commission of subrogation, in total can mean an expense of more than 3,000. Luckily, at the moment there are many banking institutions that are responsible for those expenses and change does not imply any costs, except perhaps the notary and someone else spending minimum. If we have problems Economic and we are thinking of hiring some type of credit or loan to save the situation perhaps is time to rethink the possibility of change of mortgage and move us to another bank.
If the mortgage of the House is of a few years ago and have paid more than 35% of it is likely that the new pricing is higher than when we made the last time and thus be able to ask the Bank one greater amount in order to tackle the new mortgage and to solve if fits the economic problems that we are going through. It also largely depends on the trends of real estate market in your area. Some areas may have experienced an increase in property values, while others may have had a decrease in the value. Depending on the circumstances, even though mortgages are cheaper, you can sense or not to refinance the mortgage. The amount owed on your current mortgage and economic problems which is going through will be a determining factor in the refinancing.
