When your mortgage has a 90 – 120 day renewal window, don’t just make the assumption your Financial Institution is giving you the best deal they have.
Banks typically renew mortgages at their posted rates unless you speak to them and manage to negotiate a deal.
For that reason, you should invest an hour of your time with a Mortgage Broker Specialist. We take the time to assess your Mortgage Financial Health and to ensure you have the right product, right rate and a strategy to pay less interest.
After all, paying less interest is important – wouldn’t you agree?
The posted rate today for a 5 year mortgage is around 5.19%, but the discounted rate for a 5 year term today is about 3.49%, a difference of 1.70%. That may not seem like a big deal… unless you crunch the numbers! On a $250,000 mortgage amortized over 25 years that makes a difference of about $18,000 in interest that you will pay over the next 5 years….ouch!
You take the time to invest in your personal health – now take the time to invest in your Mortgage Financial Health.
Article Provided by OBRG member Kelly Wolfe, AMP
Mortgage Broker, LendingMax
117, 1835 Gordon Drive
Kelowna, BC V1Y 3H5
Office: 250-860-2426 x 1309
Toll Free: 1-800-670-1877
Cell: 250-317-9550
Fax: 250-860-7934
www.kellywolfemortgages.ca
