For most Canadians the thought of being mortgage free is just that, a thought, not reality. It makes sense when you consider how the major banks make money. Banks make their money charging us interest on the money we borrow and fee’s for the privilege of doing business with them. Where is their motivation to have you pay less interest or for you to become mortgage free?
Mortgage Brokers/Agents on the other hand are usually paid based on the amount of your mortgage and not on the interest rate charged. If a mortgage broker wants to build a book of business they are motivated to develop raving fans as clients, in the hopes that they will tell all their friends and family about them. Their interests are aligned with those of their mortgage clients.
If a mortgage agent can save you 6 or 7 years off the life of your mortgage through some very simple and easily understood strategies would you be impressed? The good ones can and do every day. They help you develop a plan and then work as your accountability partner to help you stay on the plan.
So what does saving 6 to 7 years off the life of your mortgage mean in dollars and cents? Well lets say your mortgage payment is $2,000 per month and you reduce the life of your mortgage by 6 years. You would save $144,000 in payments. That is a lot of money to the average Canadian mortgage holder, so don’t you think it’s worth a 2nd opinion?
It’s all about having a goal and creating the plan to achieve it, with the added bonus of an accountability partner to help you stay on track. Contact your local mortgage professional today and ask how they can help you achieve your goals.