27 January 2009

Did you get your 2009 annual mortgage bank statement in the mail?

If you haven’t already, you will shortly be receiving your annual mortgage statement from your bank outlining your mortgage interest rate, payment schedule and outstanding balances.

But before you take a glance and file this very important document away for another year, STOP and take a second look. What is your interest rate? What type of mortgage product are you in? How long have you been in your term?

If your mortgage rate is fixed and over 4.79%, you REALLY need to consider re-shopping it for a lower rate. If you are in a variable rate, what is it set at? If you have very little principle left, what is the outstanding balance and when will your mortgage be paid off?

Once you have all this information, pick up the phone and call me or another reputable independent mortgage broker. In a few minutes, we can tell if you should stay in your current mortgage product or move and save – possibly thousands.

With the prime lending rate at 3% and expected to drop again in March when the Bank of Canada meets again, there is NO REASON why anyone should pay more when they don’t have to given the current environment.

Jared Dreyer, Your Friend in the Canadian Mortgage Industry 604 649-5991 or toll free 1-800-687-9020