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With today's low interest rates, many homeowners are taking a hard look at the financing of their most important asset.
If your mortgage is closed and you refinance before the renewal date, you may face a penalty. However, it may still be worthwhile to refinance. The key is to determine whether the potential interest-rate savings outweigh the penalty.
Refinancing makes financial sense if the new refinancing rate is at least two percentage points below your current rate. To help you decide, check out Scotiabank’s line up of innovative Mortgage Solutions.
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