How to Save Money on your next Renewal or Refinance - MMC026

<p dir="ltr">This week's episode discusses renewal and refinancing options. We go over the differences between a refinance and a renewal and when it is best to move forward with either decision. Determining the right time to break your mortgage is important in order to make the transfer as cost-effective as possible for you and Cannect can help you with just that.</p> <p dir="ltr">Big banks are not going to look out for you, they are going to try and cross-sell you whenever they have the opportunity. It's so important to know what banks are motivated by and if you can use that to your advantage, you'll have a leg up on everyone else. Have a listen to get this understanding and also what to consider when deciding to purchase a rental property in order to maximize your long-term earning potential. 0:00 - Intro 0:32 - Refinancing VS renewal 2:00 - Hammer down to lowest possible rate then shop around 4:00 - Bank of canadas and federal reserve overnight rate or prime rate 7:00 - Effect on the economy of stimulus and Banks cross selling products 10:00 - When you should lock in 15:00 - Breaking your mortgage at the right time 20:00 - Bonds yields go up mortgage rates go up and penalties go down 24:00 - Understanding what banks are motivated by and figuring out ways to use that to your advantage 27:00 - What to consider when Purchasing rental property</p>