Mortgage Refinancing!

[Steven111]

Hi all,

I am here to clear some doubts regarding mortgage refinancing. Three years back, I took a 15-year variable rate mortgage to buy my home. It was my first mortgage and thus, I didn't know more about mortgages then. I thought a variable rate mortgage would be better than a fixed rate mortgage as the monthly payments are adjustable according to the varying rates. For the first one year, I was comfortable with the variations in the rates. But, then, I felt it little hard as the rate was highly varying. I was in search of a solution and I came to read about mortgage refinancing.

My doubt is that can I refinance my variable rate mortgage into a fixed rate mortgage? Or is there any other way to get out of this varying monthly payments? In my current situation, I think a fixed rate mortgage is far better than the other one. But, I don’t know the disadvantages of a fixed rate mortgage. I came across some of the companies offering mortgage refinance services in Ontario. I don’t know whether it is possible for me to switch to that one.

Kindly share your suggestions and experience so that I could make a fast decision. Thank you.

[OgNasty]

If you have sufficient income and 20% equity it shouldn't be a problem at all to refinance.