While predicting rates can be extremely difficult (impossible), there's pretty much no arguing that rates aren't going to go much lower than they are right now. So with that said, if you're currently part-way through your term in a rate (fixed or variable) higher than what rates are at today, there may be some value in doing a refinance, even with paying the penalty to break your current mortgage.
I have a great calculator that incorporates what your penalty would be into the comparison between your current rate vs refinancing into today's rates. At the very least, you could almost see it as an insurance policy by locking into a great rate for 5 years.
Don't forget you can consolidate any high interest debts you may have into your mortgage. Doing so will boost your monthly cash flow and save you a lot of money in unnecessary interest costs. *Must have greater than 20% equity to refinance*
I'd be happy to do a free consultation for anyone here to see if it makes sense for you. PM/email for more info on the consultation, or for current rates. Also you can check out any of our social media streams.
Greg
GFG.
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