Interest rates are low… really low.


With 5 year fixed rate mortgages well below under 3% you may be wondering if now is the time for you to refinance you home and unlock your equity.

3 things to consider:


It’s important to know why you want to refinance. Some people simply want to take advantage of lower rates so they pay less over the course of their loan or to pay it off faster. Others want to lower their monthly payment. Some desire a better product, such as getting out of an adjustable rate mortgage into a fixed loan. Others may have seen their financial situation improve since they bought their home and now qualify for better terms. And some may want to cash out some equity from their homes.

What is your goal? And will this refinance help you meet that goal?



Yes, rates are low, but we tend to see competitive rates in the spring/summer market every year.

Some homeowners have already refinanced once already. If you are considering refinancing again you have the option to extend the amortization of your mortgage back to 30 years. The benefit is your new lowered payment, the disadvantage is that you are essentially starting the clock anew on paying off your home.

Another note on rates: It’s tough to know where things are headed so you may want to act quickly if it makes sense for you.



When considering refinancing you must take into account the closing costs and mortgage penalties.

Closing costs typically range from $1,000-$3,000 and you can pay this out of pocket or roll it into the balance of the new mortgage. We also have alternative closing services that charge less than a lawyer, but they require at least two weeks after a file is complete to close.

The mortgage penalty is individual for each mortgage; you can always call your lender to find out what that number is to help determine your break even point.

Ultimately, the choice to refinance is a very personal financial decision.


At Get A Better Mortgage we have access to the lowest rates on the market plus we tailor each mortgage approval to your specific goals. If you are looking to take advantage of these low rates – now is the time! Please reach out to us so we can review your current mortgage and discuss the next steps towards reaching your financial goals.


Looking forward to hearing from you!

Your team at Get A Better Mortgage


Robert DiStefano | Owner, Agent Lic. M08008644 | GET A BETTER MORTGAGE INC.

Mark Tamburro | Owner, Broker of Record, Agent Lic. M08002850 | GET A BETTER MORTGAGE INC.

T: 416.252.9000 | F: 647.352.9011 | E:

642 The Queensway Toronto, ON M8Y 1K5 | Franchise Lic.# 10874