We’ve seen a growing trend lately… Customers calling to find out if there was any way to take advantage of today’s record low rates….. If you are buying for the first time or are renewing a mortgage, then the answer is simple… YES.. But what if you are one of the thousands of Canadians that listened to their Bankers and the media or so-called ‘Experts’ and took at Fixed rate mortgage a few years ago.
You have a rate of 4.00% to 5.50% and you keep reading about record-low interest rates in the low 3.00% range….. what can you do? Well, here are 2 recent examples…. These are real clients…. These are real savings…
So where was the Banker in all this? Why didn’t the Banker call these clients to make them aware of the huge savings? In case you didn’t know it, the Banks are a business… and they want to maximize their profit. Don’t ever forget that.
CASE STUDY #1… 6 YEARS REMAINING AT 5.45%
We had a new client contact us with a $350k mortgage… they were with a BIG SIX bank.. their penalty to exit would be $10k… that’s a lot of money, and we don’t like anyone to pay penalties…..but we did the math and found this client a 3.29% mortgage for 5 years… the end result worked out to be a gross savings of $34,000… After paying the penalty, they realized a savings of $24,000 over the next 5 years. WOW! That’s an easy decision to make.. the clients also decided to add the penalty into the mortgage…. imagine savings almost $5,000 per year!
CASE STUDY #2… 7 REMAINING AT 5.25%
Another client had a $235k mortgage… also with a BIG SIX Bank… penalty to exit was $4k…. we also found a 5 yr mortgage at 3.29% for this client… the savings worked out to $23,000…less the penalty, that worked out to $19,000 in savings over the next 5 years!… Again, a no-brainer… Clients moved on this right away… we added the penalty into the mortgage and put almost $4,000 per year, into their pockets.
CAN YOU SAVE ON YOUR MORTGAGE?
We’re seeing more opportunity to save money by taking advantage of today’s low rates…. Don’t wait for your Bank to call. These are just a few, recent examples. If you’ve been thinking about how you can save on your mortgage, then take a few minutes and look into it. Get your mortgage reviewed by an unbiased person. Call a good Mortgage Broker. It could be worth a closer look. If you don’t have a broker, then feel free to contact me and I’ll do some quick math. You might be pleasantly surprised with the results.
We’ll be sharing more of our success stories and tips on how you can save money on your mortgage.