Good morning Abbotsford, Chilliwack and Mission mortgage holders! Recently a Manulife survey was shared with us from our national head office, Verico Mortgage, and I thought you may find some of it interesting. In 2011, almost two out of three respondents failed to compare mortgage products and rates from various lenders when their mortgage came up for renewal. They simply renewed with their current mortgage lender. Not knowing what your options are could costs you thousands if not tens of thousands of dollars in extra interest and fees so don’t be a victim of ‘passive trust’ and make one call to me at your next Abbotsford Mortgage Renewal.
Here are some things you should know about your mortgage renewal.
Add a reminder to your calendars such as google calendar, plan ahead.
A high percentage of Canadians have a 5 year mortgage term and a lot can change in that time. From marriage and kids or job and lifestyle change, it’s no surprise that mortgage renewal dates are the last thing on your mind.
But it’s important to make a note of this date in your calendar so you can get a head start and make sure you are in a good position to renegotiate your next mortgage term.
Discuss and plan your overall financial goals.
Mortgage products have different features like portability, assumable options and monthly pre-payment privilege’s. Some even allow you to prepay lump sums without penalty. On the other hand some teaser rate mortgages allow you to do none of these options. It’s smart to have an overall idea of what you want to accomplish in your financial life and in your personal life before committing to a new mortgage renewal.
If you are unsure about the next 3 to 5 years let me help examine your possibilities. You want to look at mortgage products that have a marginally higher interest rate but lower penalties if you need to break the mortgage term for any reason. Penalties can be up to tens of thousands of dollars so game plan.
Do the math… or let me do it for you.
Mortgages can be complicated so let me share my experience with you. By putting yourself in a better position and being informed, you can give your-future-self more choices. Can you believe there are over 40 mortgage lenders across Canada. What does 100.00 dollars a month extra do to reduce your amortization? What is the overall savings in interest every 5 year by paying more?? What is the exact saving a bi-weekly payments provide you???
And much like how a bank offers different credit cards with different fees and options, mortgage products have different features and options.
If you want sound advice so you make a smart decision for your future, talk to me.
I would be pleased to assist you or any friend or family members who are in need of a mortgage.
By Referral Mortgage Consultants*
“Click, Call, Chat – Award Winning Brokers”
1 – 32540 Logan Ave Mission BCV2V 6G3
360-3033 Immel St AbbotsfordBCV2S 6S2
8387 Young Rd ChilliwackBCV2P 4N8
Dave 604 897 2741 Jordi 604 615 1312
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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.