Steve Makes The Right Move
January 21, 2021 | Posted by: Cam Brown
Are you paying a higher mortgage rate than you should? Do you risk waiting until your term comes due to renew your mortgage or should you take advantage of today's rates, the lowest we have seen in almost 40 years? Maybe the simplest way to answer these questions is tell you about a client I recently helped make these decisions. Here's how it went:
'Steve' had 17 months left on his 5 year term. His mortgage rate was 3.29% and his penalty to payout that mortgage early was $2900. I was able to secure a new Cash Back Mortgage at a rate of 1.94% with a 60 day rate hold. The cash Steve received back was $3100.00 which more that offset his pay out penalty. Additionally he will save $2200 in interest costs over the next 17 months by having a much lower rate and have the benefit of that lower rate for the next 5 years. He has also improved his houshold cashflow by just over $300 a month because of a new lower monthly payment.
It's worth your while to have me do a 'what if' for you. We can determine fairly quickly if this makes sense for you like it did for 'Steve'.
Contact me (Cam Brown) at 403 650 5509 email@example.com