When it makes sense to refinance a mortgage

With talk about interest rates lowering even further, many homeowners are wondering if it’s time to refinance their mortgages to take advantage of lower rates. There are many different reasons why you may want to refinance, or increase your existing mortgage: To consolidate high interest debt To pay for your child’s post-secondary tuition To make improvements on your home To purchase an investment/revenue property To purchase a vacation property or second home The reasons can be endless. If the interest rate savings on a refinance outweigh the cost of the prepayment penalty, then it might be worth pursuing a refinance. (Also keep in mind that…