Christine Buemann Mortgage Broker

Paying off your mortgage can seem like a daunting task. While statistically, most Canadians are putting extra money own every month, here is a gentle reminder about how a little bit can go a long way when it comes to mortgages. On a $250,000 mortgage here are a few scenarios that can help you cut years off your mortgage: ·          Switching to bi-weekly or weekly payments . You could cut almost 3 years off of your amortization by simply switching to accelerated bi-weekly or weekly payments. ·          Round up the bi-weekly payments.   The original payment would be roughly $617 so if you rounded that up to $650, you could cut off 4.5 years. ·          Increase your monthly payments. Monthly payments simply work better for some people. If you were to round up your roughly $1234 payment to $1300 a month, you could still cut off 2 years. We are still in an environment of extremely low rates. Now is a great time to not only pay down your mortgage as fast as you can, but in

Traditionally the role of a Mortgage Broker was viewed as an alternative if you were declined by “your” bank. Times have changed and the role of independent brokers has evolved drastically. More and more people are preferring to have an professional work on their behalf instead of negotiating directly with the bank. Not only are the rates we have access to typically lower, you are also able to have an unbiased opinion as to what product / lender will be most suitable for you in order to maximize your savings potential. Scotia, TD, CIBC and RBC all currently have the same current rate “special” of 3.79%. I currently have access to a great lender offering a “special” of 3.39%. Let’s compare the numbers. Here is a breakdown of the savings for the following mortgage amounts: $200,000 mortgage ·          $43 a month ·          $3800 over the term $250,000 mortgage ·          $53 a month ·          $4750 over the term $300,000 mortgage ·          $64 a month ·