Got your mortgage renewal letter and feel stuck? You’re not. A lot of people don’t realize this, but signing your lender’s renewal isn’t your only option. One renewal letter we recently saw meant a$500/month increase,and that kind of jump hits fast. Here’s what most banks won’t tell you: • You can accept the renewal (but rates are often padded because they expect you to sign) • You can shop around and find a better rate • Or (our favourite right now) shop aroundandre-amortize to lower your month
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Got your mortgage renewal letter and feel stuck? You’re not. A lot of people don’t realize this, but signing your lender’s renewal isn’t your only option. One renewal letter we recently saw meant a$500/month increase,and that kind of jump hits fast. Here’s what most banks won’t tell you: • You can accept the renewal (but rates are often padded because they expect you to sign) • You can shop around and find a better rate • Or (our favourite right now) shop aroundandre-amortize to lower your month
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There are ways to pay your mortgage off early. To pay off your mortgage early, you can make extra payments, either as a one-time lump sum or by increasing your monthly payments or making biweekly payments. #mortgage #payingmortgageoffearly #moneytips | Linda Bell
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Making lump sum payments on a mortgage is a great way to pay down the principal and shorten your amortization. But unfortunately it will not change your monthly payments. The sum you put into your mortgage gets applied directly to the principal outstanding without making any changes to the term or the payment itself. #mortgage #mortgagetips #interestrates #mortgagebroker
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🔴 Attn. Canadian Home Owners 55 .🔴 Are mortgage payments stressing you out?? Did you know you could use a reverse mortgage to finish paying off your home immediately and never have to make any mortgage payments. With A Reverse Mortgage You Can: ✅ Pay Off Your Existing Mortgage! ✅ Pay Off Your HELOC ✅ Receive Tax Free Monthly Income ✅ Get A Tax Free Lump Sum To Pay Off Credit Cards ✅ Consolidate All Your Debt & Not Make Any Payments ✅ Help Your Kids With A Downpayment ✅ Do Home Renovations & Up
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