MORTAGE RATES LOWERED

It was announced in the past couple of weeks that the key lending rate at the bank of Canada was lowered. This means that loans at your bank were also probably lowered as well. This means that if you have an existing mortgage, the possiblility exists that you can go and switch to the new lower rate and save a bundle. More times than not, to be able to do this you may have to pay a penalty(submit to a cash grab) ;. However it is possible that in the long run you will be money ahead by remortgaging even though you have to pay a penalty. Check it out without fail.