Can anyone tell me more about mortgage refinancing? I have a 15-year fixed rate mortgage. So, I have to pay a fixed rate even if the current rates are much lower than that. I have already made the payments for three and half years. And I wanted to know that if there is any way to switch my mortgage to a variable rate mortgage. I discussed the same with my friend, and he told me that a mortgage refinancing would help me here and it would also lower the interest rate too.
I have so many doubts regarding this:
The first one is '2% rule'. I have heard about the 2% rule, but, I don't know what exactly it is.
How many times can we refinance our mortgage? Is it true that refinancing can be done multiple times?
What are the costs and formalities for refinancing mortgages? What are the necessary documents for the procedure and is there any eligibility criteria for refinancing?
Is it necessary to approach the same broker from whom I secured the mortgage? Or can I consult someone else? What are the formalities regarding this? In my search, I came across some mortgage brokers offering services related to mortgage refinance and mortgage renewal processes in Canada.
Have you ever consulted them before? Waiting to hear from you. Thank you.
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