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Ry onicle | Thursday, July 20, 2023 | waterloochronicle.ca TB MONEY MATTERS CRUSHING MORTGAGE PAYMENTS HAVE HOMEOWNERS eer FOR OPTIONS SRIVINDHYA KOLLURU While Canada's ton rate slowed to 3.4 per ent in M: adian households o continue to be gage oe One option for home- owners looki ‘0 lower current mortgage contract to start a new one — either with the same lender or a different one. Reasons for refinancing include securing a lower interest rate, consolidating high-interest debt with your mortgage, c or wanting a shorter joan fact, ie 'S “an ‘option fats been top of mind for ing to a SDO' survey conducted between May 2022 and May 2023, there was a 17 per cent in- crease in the number of people seeking mortgage refinancing quotes, while those seeking purchase quotes decreased. Whatever the reason for refinancing, experts cau- tion homeowners to be- ware of a few things. The first step should be comparing your interest rate to salar that are cur- rently avai the market, Sive Daniel Wye principal broker at DV Capital Corporation. Ross Taylor, president at Toron- to-based Ross Taylor Mort- gages, echoes this senti- aE ‘CONSERVATIVE AND DON'T GAMBLE “If you want to preserve your current mortgage, you may be better off wait- arranging a HELOC chome equity line of credit) bi this with thefirst mortgage at maturity," says Taylor. There's also a cost to re- financing, which is usually a prepayment penalty. Tay- lor says refinancing a vari- able-rate mortgage results. in a penalty equal to three months' interest, while fixed-1 nate mortgages are the eater of three months interest oracalcu- lation known as the Inter- est Rate Differential, or IRD. adians paid an aver- age penalty of $5,173 for re- Region of Waterloo Public Notice http: Public Notice — Pesticide Use In order to maintain federal standards, the Region of Waterloo has hired MVM Rail to conduct vegetation control along the Waterloo Spur Rail Line between Breithaupt Street (Kitchener) and First Street S (Elmira), excluding the section between King Street N and Northfield Drive W. Please note that only the 3m wide ballast area will be treated with an herbicide. The Waterloo Spur Line Trail between Breithaupt Street and King Street S and The Farmer’s Market Trail between Northfield Drive W to Farmer’s Market Road will be closed to the public on July 26" 2023, 10:00 p.m. to July 27 2023, 6:00 a.m. (With rain dates to follow the same week if required). Signs will be posted to notify trail users in advance of treatment. Signs will be removed the following morning after the application. For more information, please visit: aspx The following herbi Controls Act (Canada). If you have any questions about this information, please contact Andrew Sioen at 519-503-0137 or asioen@regionofwaterloo.ca ‘ides will be applied by MVM Rail: Navius Flex Herbicide Reg. # 30922, Active Ingredients AMINOCYCLOPYRACHLOR and METSULFURON-METHYL, Under the Pest Gateway Adjuvant Herbicide Reg. # 31470, Active Ingredients MINERAL OIL - PARAFFIN BASE, SURFACTANT BLEND, Under the Pest Controls Act (Canada) Dreamstime photo Experts warn that any interest savings from refinancing for a better interest rate could be wiped out by a penalty for breaking your mortgage. financing their mortgage early in 2022, down from an average of $6,472 in 2021, ac- cording to a survey by Mortgage Professionals Cana There's also the chance that, depending on its size, the penalty could wipe out any interest rate savings, says Vyner. Also, be mindful of any changes to your credit pro- file since taking out your mortgage. Vyner says some people might not even qualify fora refinance because Canadi- ans need to stress test at higher interest rates now Peak service , is better than. peak pricing Metroland Parcel Services has a simple goal service for final-mile distribution across Onta than what was previously required. This might mean some homeowners will need to go through alterna- tive lenders. "My advice is to be con- servative and not gamble on drastic interest rate changes because it might not happen." provide cost-effective, premium Indeed , with over 15,000 drivers and 14 depots, our network is always ready for next-day delivery even with increased volumes. Join some of Canada’s largest companies who rely on us for their ecommerce delivery. Get a quote today: metrolandparcelservices.ca PARCEL SERVICES SCAN FOR MORE INFORMATION