26 January 2009
Mortgage Rates are Dropping – NOW WHAT? Below is a simplified overview of what you need to do, or not do with your current mortgage whether you are in a fixed rate or variable rate mortgage:
If you or someone you know are in a fixed rate mortgage…
And your rate is over 4.79% - we need to talk! Depending on your lenders costs and terms for getting out of your mortgage, you could be in a position to save thousands of dollars by simply moving your mortgage to another lender with a lower rate.
If you or someone you know are in a variable rate mortgage earlier than November 2008…
And your rate is prime minus anything, YOU NEED TO STAY IN YOUR MORTGAGE! You are saving big time right now as most lenders now have their variable rate mortgages set at Prime Plus Plus. Another great strategy at this time is to keep your mortgage payments the same as before prime dropped, that way more of your mortgage payment will go towards principle and cut years and years off your mortgage amortization!
If your mortgage amortization is 20 years or less and you are finding monthly cash flow tight, then we can look at taking advantage of the low mortgage rates and redoing your mortgage to ease payments. This is a great strategy in many cases if you have large outstanding debts such as car loans, lines of credit or high balance credit cars, which you can consolidate to a mortgage lower interest and lower monthly mortgage payments.
I recently refinanced a mortgage client in South Surrey and saved them over $800.00 per month!
If you have any big purchases, renovations or costs coming up, we should book your rate now and pre-approve you. If rates continue to drop from the time of your pre-approval, we ensure you get the lowest rate up to 10 days before the mortgage funds.
If you or anyone you know has a mortgage,
now is the time to revisit your mortgage to ensure you are saving
the maximum amount of money possible! I have been in this business
for over 16 years and this is truly one of those times when you can
save money and take years off your mortgage. Call me to do a quick
calculation to see how much you could be putting into your
pocket....
Your friend in the mortgage business Jared
Dreyer 604 649-5991
