Volume Ten, Number One   January 2005   www.columbiajournal.ca

Maybe time to consider re-financing

How today’s low rates could save you money.

Linda Wickstrom – Mortgage Broker


With interest rates still low, as a homeowner, you may wonder if now is the perfect time to refinance your mortgage.

There is no doubt today’s low rates could save you money. Right now, your goal should be looking at how you can take advantage of these historical low rates. Not just from a Mortgage prospective, but by revisiting all of your financial borrowings. There are several factors to consider if this option is right for you. You need to look at what penalties you may incur and how interest adjustments can affect you. There are hundreds of mortgage products available; all with their own terms and options. Figuring out which mortgage will best suit your needs cannot only be time consuming and complicated, but very overwhelming. Working with an independent Mortgage Broker who has access to all the top lenders across the country can help you work through the myriad of options available.

You don’t need to go it alone. That is the role of a good mortgage professional. They will work out all the mathematics and assess if re-financing your mortgage is the best option. Negotiating on your behalf they work hard to get you the best rate and mortgage product available that you qualify for. Whether you locked in a year ago or are close to renewing, a mortgage broker will calculate how much interest you can potentially save, and whether it’s best to pay your penalty now and/or re-secure a new term.

To fully take advantage of this low interest rate environment consider consolidating more than your mortgage – credit cards (which the average Canadian is paying 18% interest on), your car or money for home improvements. By revisiting all your current borrowings, you can make today’s low interest rates pay you.

So, is refinancing your best option? You could save thousands of dollars in interest.
An Independent Mortgage Broker can shop the mortgage market for the best products and rates, whether you are purchasing a new home, refinancing your existing mortgage or renewing your mortgage, your mortgage broker will simplify the process to make it easier for you and a mortgage professional can counsel you on credit decisions, financial questions & concerns.

I hope you the readers enjoy the bits and bites I put in here; I also hope that you understand more about the mortgage process as we go along. Remember, an Independent Mortgage Broker works for you the client. The banker works for the bank.

It is very seldom a broker has to charge a fee.

Check out my web site at www.mortgagemaster.ca.