You’re 2 years into your mortgage term. You got a great rate… or so you thought…? But now you aren’t sure. 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 “Is there a better mortgage rate out there?”
When it comes to mortgages, $100 isn’t gonna get your very far. But what if you paid an extra $100/mth towards your mortgage? It’s not a lot of money these days but it can add up to some good savings.
We looked at a $300,000 mortgage with a 2.89% rate and a 25 year amortization. At the end of 5 years, the borrower had paid off an extra $6,444. The balance owing was $249,435. And their remaining amortization was 17 years and 9 months instead of 20 years. This also represented an interest savings of $11,423 over the life of the mortgage. Not bad.
Now let’s look at paying an extra $200 per month. At the end of 5 years, the borrower had paid off an extra $12,888 . The balance owing was $242,991. And their remaining amortization was 15 years and 11 months. This represented an interest savings of $20,708 over the life of the mortgage. Continue reading “What can $100 do when it comes to a mortgage?”