24 January 2012
Have you ever wondered how you can pay your mortgage off faster and lower your interest rate at the same time?
You may think that you already have a decent rate or that to switch will be too much work……but what if you could save thousands of dollars with hardly any work at all?
As an example let’s look at a typical mortgage I was able to save the client $5960 (after penalty to pay out early) by strictly refinancing their mortgage into a lower interest rate mortgage. Refinance mortgage for lower rate (not increasing the mortgage amount):
Example Your Current mortgage: $400,000
Example Your Current interest rate: 4%
Current monthly payment: $1902.07 per month (based on 30 year amortization) Longer amortizations are still available
New mortgage amount: $400,000 New interest rate: 3.25% 5 year fixed rate
New monthly payment: $ 1,736.05 per month (based on 30 year amortization)
Difference in monthly payments = $ 166 per month Interest savings over 5 years = $ 9,960 less penalty of approximately $ 4,000 = NET savings = $ 5960! One other great tip is if you can afford to keep your payments the same as they were at 4% ($1902.07) over your 5-year term at the new rate of 3.25% you would save a whopping $10,793.19. Include this with your already saved $5960 and in 5 years your total savings would be $16,753.19. Have I got your attention? Give us a call today and let us help you save money! Can you afford NOT to look into your refinancing your mortgage? www.dreyergroup.ca
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Rates shown may change without notice. Rates and payment for example proposes. On approved credit. Special conditions may apply.
