Steve Makes The Right Move
June 19, 2020 | 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 payout $2900. He also wanted to consolidate a few debts, $6000 on Visa and a $15,500.00 on a line of credit. I was able to secure a rate of 2.59% with a 60 day hold which allowed Steve time to process and make the decision to go ahead. He will save over the next 17 months $2200 in interest costs and have the benefit of a lower rate for the next 5 years. Additionally he has improved his cash flow by $600 a month by retiring his credit card and line of credit debt and his mortgage payment is slight less that it was previously.
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 firstname.lastname@example.org