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Can I lower my Mortgage Interest Rate without Refinancing?

Can I lower my Mortgage Interest Rate without Refinancing?

 

Hi team,

 

I was wondering if I could get some more information about lowering my mortgage interest rate. Is there any way of getting a lower interest rate on my mortgage without having to refinance? What are some of the things I can do to lower my interest rates?

 

Any insight would be appreciated!

 

Thank you very much.

Answers

By Canadalend
Hi there and thank you for reaching out to the Canadalend team with your question. 
 

The following ways are how you could potentially reduce your interest rate with your financial institution, please note not all institutions will reduce your interest rate.

 

You could extend your repayment term, make a larger down payment, have your home’s tax assessment redone, make extra payments towards the principle, and choose an interest only option.

 

Unfortunately, most of these options are usually done before your mortgage closes, once your mortgage is closed and registered it is often not as easy to reduce your interest rate.

 
Additional information about the different services we have to offer can be found here: https://www.canadalend.com/services/
 
I hope this has helped to offer some insight. Still have questions? Feel free to contact us directly at: 1-866-422-6535 
 
Thank you,
 
-The Canadalend Team

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