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Taghow to save on your mortgage

Time to review your mortgage

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.

Continue reading “How’s my rate?”

Consolidate debt pay less interest

Want to pay off debt? Pay less interest!

Consolidate debt pay less interest

It’s not a new concept but it is one that is worth remembering and so I will repeat it. If you want to pay off debt, start by paying less interest.

January is usually a tough financial month for most of us.  Holiday bill payments, rrsp contributions, property tax bills and if you are self-employed, you probably have to make some sort of business tax or corporate tax payment.  If December is the Holiday Season, then January feels like a hangover!

Banks and Credit Card companies love this time of year because this is when we will normally carry a balance and have to pay those crazy interest rates that range from 9% to 25%.  Wait, before you get too depressed, there could be a better option.  There’s a less expensive way to manage your debt. Continue reading “Want to pay off debt? Pay less interest!”

Picture of a man celebrating with his arms lifted in the air representing the happy clients that saved money by breaking their mortgage

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

Picture of a man celebrating with his arms lifted in the air representing the happy clients that saved money by breaking their mortgage

While I originally posted this article in September of 2015, I think now is a good time to take another look.

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 the 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 whose savings could be 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!”

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

long term contractsFixed 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!”

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

break your mortgage 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

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