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How’s my rate?

Time to review your mortgageYou’re two years into your mortgage term. You’ve got a great rate, or so you thought? But now you aren’t sure. With so much talk about record low interest rates, you begin to question. Maybe there’s a better deal out there? Did you choose the right product and lender? Has your mortgage advisor or broker contacted you during those two years? Does this sound familiar?

We’ve all heard of buyer’s remorse. That’s when you make a purchase, only to regret spending the money days or weeks later. I’m seeing a lot of people second-guessing their mortgage decision recently. And I have news for you… RELAX! There is a way to check to and see if you made the right choice, and better still, there is a way to see if you can do better today.

It’s called getting a Mortgage Review.  I go through this process with every new client and with existing clients at least once per year. We compare existing rates, debts and balances against current rates, products and costs. If there are savings to be had by breaking a mortgage mid-term or by consolidating some debt, then it becomes a simple recommendation for our clients to proceed with a change. If not, then we also let them know they are fine where they are, so at the very least, we can put their minds at ease.

And that’s really what most of us want and need, some assurance that we are making the right decisions.

I’d say that more than 70% of client reviews that I performed have warranted a product change. That’s partly because rates have gone down, but it’s also due to changes in one’s personal finances and new product availability.

Statistics show that Canadians break their mortgage every three years, on average. Hard to believe but those are the stats. So before you choose your next mortgage provider, you better make sure they don’t use an inflated prepayment penalty calculation like the BIG SIX BANKS have.  We’ve seen enough examples of outrageous penalties in the 8, 10, 12, 14 and even 20 month range!  I kid you not! I met with one associate that was hit with a $32,000 penalty by CIBC Bank.

If you, or anyone you know, has a mortgage, and haven’t had an impartial and unbiased review done lately (mortgage brokers are the best choice since they don’t work for any one bank), they should definitely get a review. It’s FREE, it’s fast and it could save thousands per year.

Your best interest is my only interest.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114

Steve Garganis View All

As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.

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