Posted by: Dave Currie
MonsterMortgage.ca is one of only a few mortgage brokerages across Canada to be able to offer you access to the new “Smart Savers Mortgage”. A similar new product has been offered successfully already to consumers in the United Kingdom, Taiwan, and Australia…it is now available to Canadians through MonsterMortgage.ca.
How the Smart Saver Mortgage Works
It’s like your money is multi-tasking.
Let’s say you have Smart Savers Mortgage of $300,000 at 4.59% for a 5-year fixed term, amortized over 25 years. If you link $45,000 in savings, representing 15% of your mortgage amount, your interest rate is reduced by the same 15%.
By linking those accounts to your mortgage, using this example, you:
So that emergency fund you have socked away could be reducing the amount of interest you pay on your mortgage, while it’s still available for you to use in an emergency, and it continues to earn you interest.
Is this the best mortgage for you?
The Smart Savers Mortgage is a viable option, if you:
As always there are terms and conditions that apply to any mortgage so make sure you speak to an expert about the best options available to you.