How to refinance your mortgage with us during the pandemic
May 11, 2020

How to refinance your mortgage with us during the pandemic

In March, the Bank of Canada made two rate cuts, slicing the overnight rate to the lowest we’ve seen since the 2008 financial crisis. In fact, we’re seeing some of the lowest mortgage rates in history as financial markets respond to COVID-19. If you’ve been eyeing interest rates and wondering whether it’s a good time to refinance your mortgage, Concentra wants you to know it’s a great time.

Consider a closed fixed mortgage

Although we’ve seen the variable rate dip to follow the Bank of Canada rate, there is still much uncertainty in the market, which may be concerning for consumers. If you prefer stability and consistent mortgage payments, consider locking in a closed fixed-rate term, especially when outstanding closed fixed rates are available. This ensures your mortgage payments won’t change throughout your term.

Refinance with Concentra

According to the US-based Mortgage Bankers Association, there has been a surge of mortgage applications as consumers attempt to cash in on lower interest rates. As major lenders try to keep up with the applications, some have reportedly raised rates. According to one industry insider, consumers may want to focus on smaller lenders like Concentra to find the best rate, and lock it in when you find it.

Why a mortgage with Concentra

While most major lenders have reduced their business hours, Concentra’s dedicated team has been working longer hours, evenings and weekends during the pandemic to meet consumer needs. Our Mobile Mortgage Specialists are here for you and will talk you through each step of the mortgage refinance process to ensure your biggest investment is worry-free.

We’ll make it simple and easy

During this period of physical distancing, Concentra has set up processes to ensure you stay safe. Better yet, Concentra will cover the costs for qualified customers to move their mortgage from another lender and refinance with Concentra. Our extremely competitive rates and zero-transfer costs could potentially save you hundreds of dollars.

© Concentra Bank, 2020
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