“A penny saved is a penny earned”, or so the old proverb goes. Of course, the value of a penny has changed somewhat from the time when your mother offered her wisdom on the value of keeping what you earn. Today, you could save thousands of dollars by simply making the right mortgage decision. If you are like most Canadian homeowners, your mortgage could be a gold mine of potential savings.
In the past few articles, we have talked about the importance of your mortgage as one of your most significant financial decisions. We have explored the value of seeking the advice of a mortgage professional whether you are buying, or renewing your current mortgage. Today, let us take a look at the bottom line, the savings that you can enjoy by making the right mortgage decisions.
It is the primary goal of a mortgage professional to find you the right mortgage product for your personal situation. A good mortgage professional is a financial professional and like your investment advisor, they want to understand your personal situation. Your mortgage professional has access to a wide variety of lenders, from institutional, trust to private, so they can help you to do some valuable comparison shopping for the right combination of terms and conditions to suit your needs.
All these choices offer you substantial opportunities to save money over the life of your mortgage.
If you are like most homeowners, you are focused and for good reason on finding the best possible terms for your mortgage. ( Notice I did not say rate!). A good mortgage professional will find you the best possible rates and terms to suit your needs. If we can talk about rate for a second, if I can save you 1% on your rate, that would translate to more thank 13K in interest per 100K borrowed over 25 years.
As I said there is more to it than just rate. There are other ways to find savings in your mortgage. A good mortgage professional is up to date with the latest terms and conditions, and we can custom fit a mortgage for your requirements.
As I covered in previous postings there are many ways to mine your mortgage for gold. If you are interested in how your mortgage may be used to help you live a debt free lifestyle, then ask us about a no obligation debt analysis. So we can show you how much sooner you can be living a debt free lifestyle.