Saturday, September 01, 2007

Refinancing the Mortgage

With the mortgage interest rates pretty much increasing every month and no sign that things will go in our favour, Jeff and I decided to get out of our open mortgage which doesn't have a fixed rate, in favour of a closed fixed. We didn't do any shopping around but chose to stay with CIBC who we have been more-or-less happy with for a number of years.

We still had to go through the whole negotiating for a good price and we are happy with the five year term rate we were offered (it's confidential, and besides I don't want to hear if you got a better one).

In another 6 years 9 months it will be all ours! Wahoo! Hard to believe. For those of you out there thinking of buying a house for the first time or in the process... it doesn't get any easier to renegotiate it. Sheesh. It takes weeks. We've had three visits with our mortgage specialist. And finally signed the papers this week.

Just in time for Jeff to go back to school!