Posted by: Nick Ametrano
I came across this article recently in the Financial Post, it seems that a large percentage of Canadian homeowners still do not review and update their mortgage strategy on a yearly basis. People are being complacent with the mortgage contracts they have in place choosing to stick with their existing strategy and lender rather than reviewing their mortgage strategy yearly to see if any new or upcoming changes to their lives impacts their ability to pay down their mortgage faster or alter their cash flow e.g., employment status, growing family, kids going to college/university, etc..
A good mortgage broker will always provide you with a FREE MORTGAGE REVIEW. In fact, over a course of a month, an average mortgage broker will have conducted at least 5-10 mortgage reviews or audits on behalf of their clients. A simple review can save you thousands of dollars in interest costs over your mortgage term, over time this can really add up and cut years off your mortgage. Not long ago we were flooded with calls from clients contacting us indicating that one of the big banks were charging them huge fees to break their existing mortgage. The bank was doing this because they were trying to stop consumers from taking advantage of lower interest rates. In most cases a mortgage audit allowed the client to see how by following a few simple mortgage reduction strategies they could pay break their mortgage, pay the fee and pay down their mortgage even faster than they were.
Reviewing your mortgage at least once a year with your Mortgage Agent ensures that your mortgage strategy always reflects your personal financial situation and that you are taking advantage of everything the market has to offer. Not only that but it is FREE!!.