Is 3-years fixed rate the best option for you right now?

We are seeing downward trend in Mortgage rates, 5-years fixed rate at 4.39 and 3-years fixed rate at 3.75!

For people who have fixed rates mortgages right now above 5%, it is time to re-visit and calculate how much can they save by switching to 3.75% for 3 years fixed, you would be surprised to see, how much your monthly payment can come down and saving of thousands of dollars. A lot of people who took fixed rate mortgage last year, the rates were somewhere close to 5.25 to 5.65.

For breaking a fixed term mortgage, there is a penalty to the borrower, so we analyze if after paying penalty, there is still saving, then it is worth to go for that option. It all depends on your present mortgage with your lender, so it is recommended to talk to your present bank before you do any thing.

For any questions, you can always take a advice of a Mortgage Consultant, who can show you a complete report on savings.

For new buyers, it is a time when they are in historic low rates and it is in their favor to know what is available in the market, not just through the banks but also from Mortgage Brokers because some lenders are available only through broker channel. Making an informed decision is important for the biggest debt of most people's life.

Remember advise is free and in most cases broker don't charge you a fee for arranging a mortgage.