Have a fixed-rate mortgage at 4.5 per cent or higher? Then you should be refinancing, says Steve Moffitt, senior mortgage consultant with Equimac Mortgage Centre in Vancouver. ``There's never been a better opportunity historically, never, for doing a refinancing, '' he adds.
If only it were that simple. In fact, determining whether you should refinance or not depends largely on the penalty you will pay to get out of your current mortgage, and the amount of money you could save with a new one.

Full story: canada.com