Saving Your Money 101
I’ve been a mortgage professional for over 14 years now and I must admit with the interest rates we’re seeing right now, 5 years ago, I would have bet the farm that we would have never experienced such low rates. With the New Year underway, many are looking at ways of controlling their debt situation and saving money. Take for example scaling back on your cell phone usage or foregoing premium TV channels, or like many of us, driving across the street just to save 2 cents a liter on gas!
Take a look at your biggest debt, your mortgage. It just may be the instrument you need to help control those other debts. Just one year ago, interest rates were hovering around 3.79-3.99%. Those individuals who bought, switched, or refinanced, are now looking at the more impressive 3.09-3.29% rates thinking, boy would it be great to switch to that lower rate. For these folks, there could be some good news … you can!!!
Now, I admit, I don’t like the idea of breaking my existing mortgage, (which I just secured), and paying any kind of penalty; however, if it could be shown that by doing this, and maintaining the mortgage payments just as they are, you would be further ahead at the end of your existing term, wouldn’t that be a benefit to you and your pocketbook?
Certainly your bank isn’t going to call you up and give you this golden nugget of information, but by using the services of a reputable mortgage professional (one with an AMP designation), they can help you calculate these and many more scenarios to see if you can benefit and get that much more ahead –and best of all, at absolutely no cost to you!.
Feel free to contact myself to discuss your unique situation and start saving your hard earned money!
Jeff Trounsell, BA, AMP
CENTUM Pacific Mortgages Inc.