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Mortgage Review
I'm usually pretty good at taking care of myself-usually. Getting enough sleep, excercise, (mostly) healthy eating, and regular check ups. The past few years I've let my eye exam slide. I mean, I can see with a little squinting so what's the big deal? For a person who makes their living in large part staring at a computer screen, it IS a big deal! Turns out, surprise surprise, I'm into progressive (read: bifocal yikes!!) lenses and boom, everything is WAY sharper and clearer again! Long story short, even if you've been plugging away at your mortgage and it doesn't seem like anything has changed, a check up can reveal some 'good' surprises like ways to save more money, or get rid of your debts faster which might not have been available to you in the past. My advice, it's well worth the time.
Depending on when you got your mortgage, by taking a look at your existing mortgage and comparing it to products available on the market today, you might be able to save a lot of money by restructuring. Even what seems like an insignificant saving can have a considerable impact when rolled out over several years.
The truth is, you'll never know unless you take a look. So even if you're just a little bit curious, feel free to get in touch, and we can sit down with you and discuss your mortgage options.
Early Pre-Payments
Consider aggressively paying down your mortgage using pre-payment privileges. Although you've probably heard this before, maybe now is the time you decide to take action.
Most mortgages allow you to pay down 10-20% of the original principal mortgage amount as a lump sum and/or increase your payments by 10-20%. Did you get a raise at the end of 2018? Now might be a good time to increase your mortgage payments to match.
Any money that you put on your mortgage as a pre-payment goes entirely towards the principal balance and is not a pre-payment of interest.
The goal is not only to help you get the best mortgage available, but also to help you get rid of that mortgage as quickly as possible.
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