CategoryMoney saving tips

Posted September 17, 201511 Comments Money saving tips

These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

Fixed mortgage rates are at an all-time low. If you have a mortgage that is over 3.09%, then you should consider breaking it, paying the penalty and getting into today’s lower rates.

That’s short answer… the full answer is a little more complex but, it’s really just simple math. If the savings is greater than the cost to break, then the answer is obvious. You should do it! I’ll give you some real life examples of clients that could be savings huge $$s today if they paid their mortgage and the penalty and went into a new lower rate mortgage…. check out these success stories….
Continue reading “These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!”

Posted September 2, 2015 Interest rates

It’s September, sharpen your pencils!

It’s September…and as green turns to gold we return refreshed to the rhythm of our daily routines. It’s our seasonal cue. Autumn is the perfect time to “get back to business” with a fresh look at your finances. Maybe you spent a little extra on that summer vacation, or the little home reno job that grew. That’s okay. Get out your calculator and get back on track.

TAKE ADVANTAGE OF RECORD LOW RATES!

Mortgage rates have hovered around historic lows for longer than anyone thought they would or could. That’s created a golden moment of opportunity for Canadian homeowners. In fact, the right mortgage can build your wealth… and save you thousands of dollars.

Thinking about a cottage or investment property? Wondering if it’s the right time to expand your space… or find a new one? Looking at ways to reduce your debt? Talk to an experienced Mortgage Broker. A good broker will provide a free, no-obligation review of your situation – wherever you are in your current mortgage journey.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted June 2, 2015 Bank News

RBC Q2 earnings hit new record $2.5billion… and they raised their bank fees.. Enough already!

You gotta love the BANKS. Putting out forecasts of troubled economic times, too much personal debt, housing bubbles, etc. They seem to think it’s all bad news…. well, not for them. They keep posting record profits year after year after year…

Yet, somehow they justify increasing our bank fees.... Well, that was going too far! Talk about flaunting and rubbing it in our face! This was probably one of those rare times in history when the normally reserved, conservative, polite Canadians had just about enough! A major public and political backlash has forced the RBC to retract those fees.

But why did it take so much to for RBC to do the obvious? I mean, come on. You jack up fees after you report RECORD EARNINGS? Hello!? This is like that commercial for Hotels.com. Captain Obvious!

RBC HIRES TEMPORARY FOREIGN WORKERS

Remember when RBC hired Temporary Foreign Workers (TFW) to replace existing Canadian jobs? Check this out… they had their Canadian employees train the TFW and then they fired the Canadian employees! This was just 2 years ago!

NEWS FLASH! The BANKS are concerned about shareholder profits. End of story! Their loyalty is to the shareholder, not you or I. And once you understand this, your expectations and outlook will be much different. You will begin to question things more….. that’s a good thing. Questions are good… there are only bad answers.. or here’s another saying… The only bad question is the one you didn’t ask!

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted March 14, 2015 Debt

Historical low mortgage rates mean RECORD HIGH penalties for BIG SIX BANK clients!

Mortgage penalty calculations continue to mystify Canadian consumers. For years, I’ve posted numerous articles on penalties… how they affect us… how they are calculated…..why you need to understand them.. and most importantly, HOW TO AVOID THEM!!

Today, I’ll give you explicit details on the great mortgage penalty mystery…

I’ve shared dozens of horror stories about average Canadians being hit with mortgage penalties of $12,000, $15,000, $20,000, $30,000 and more. These examples aren’t from some obscure small financial institution. It’s your BIG SIX BANK. Yet, the attitude from Consumers is that it won’t or doesn’t affect them….until it’s too late.

I’ve also shared the solution on how to avoid this… and I’m going to share that with you once again.. If you want to know how to avoid monster penalties, then take a few minutes and read this.. It could save you untold $$thousands…. Continue reading “Historical low mortgage rates mean RECORD HIGH penalties for BIG SIX BANK clients!”

Posted March 9, 2015 Money saving tips

$22,500 savings by breaking mortgage and getting into today’s low rates!

A few weeks ago, I posted an article about one of my readers that had the potential to save $15,000 by breaking the mortgage and getting into a new 5 year fixed rate. This was a net savings. The actual savings was just over $20,000 less the penalty of $5,000.

This week, we had an even bigger savings. My clients are in a 10 yr term at 3.59%, with a $710,000 balance and 8 yrs to go. The penalty to break is $6500. The savings is $29,000. Result is a net savings of $22,500. Wow! $22,500 savings over the next 5 years! That’s $4500/ year in savings!

This type of savings opportunity is extremely rare. I’ve only seen this level of savings a few times before. We can thank the record low interest rates for that.

If you are in a mortgage with a rate that’s above 3.20%, then you could be missing an opportunity to save $$thousands. You should at least consult with a Mortgage Broker to do the math. Remember, I haven’t even listed the lower rate product options available, such as Variable rate, or a 3 year fixed rate. It’s worth looking into.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca