home insurance calgary alberta
No wonder that the majority of homeowners dream of one day being able to pay your mortgage and live a life free from the shackles of interest rates, finance and home concerns about meeting the monthly mortgage payment. The biggest expense that most of us take in life is our mortgage every month Start taking our payments and a substantial part of our take home.
Just think what it could do with all the extra money they would have spare if you do not have to comply with their mortgage every month! Interested? Well, here are five steps you would take today to substantially cut their mortgage payments and the total cost of your loan mortgage, and even accelerate its rate of reimbursement for the day when you have paid your home comes much earlier.
Step One – the demand for better service.
As a loyal customer of your mortgage lender is not it time we were rewarded for their financial commitment to make regular payments and for being a good customer in the long term?
Well, you can be sure your mortgage lender does not reward unless you ask for a better deal on your mortgage!
So on the phone, call your lender, ask to speak to someone in customer service or customer retention department and explain that you are looking for a better mortgage deal. They often offer a fee combined for the remainder of his term.
We recently had a client that was fixed within 5 years 5.35%. She called her bank and said the penalty for early withdrawal of its 130,000 dollars was $ 1700. That's a lot of money and she became discouraged. However, we found a rate comparison analysis and found that they save $ 3400. to change your mortgage now. She saved $ 1700. using only one of our steps.
Did you know, 20% of bank customers to sign their mortgage renewal letter without bothering to check the prices? Banks have this 20% to the platform of their profits so they can offer discounts to borrowers who apply for it. Often all you need is an application and obtain a lower rate.
Step Two – Shop Around.
If one step does not receive the treatment you deserve, shop around. Check the Internet and periodic special offers from lenders. Be sure to read the fine print! A number of lenders offer 1.99% rates for 3 -6 months, but the rate rises to the balance of the word. You will need to add the two types together and discover what mixing rate will be.
Step Three – Get Help.
Get expert assistance in the form of a mortgage and licensed independent practitioners. As agents independent access and understanding of all the mortgage products available and should only be best placed to help you find a better deal than we have now. An agreement that their repayments will be lower, your interest rate will be lower and the amount you pay for the entire duration of your loan is reduced.
Make sure that your agent is free and the fee paid by any company you decide to take a mortgage with. More important, make sure they are properly regulated and licensed. If possible ask for professional references or testimonials.
Step Four – cut out all the accessories.
Mortgage lenders are known to offer mortgage, income interruption and life insurance at high speeds. The lenders make huge margins on these products. While of value, could not find a cheaper fare elsewhere? Ask your mortgage broker for a financial advisor who could offer insurance at a better pace. You, literally thousands of dollars could be saved each year in insurance premiums!
Step Five – Pay It Down.
Tan, who has cut interest rates its size, reducing their monthly payments, and saved thousands of dollars in insurance products – now all the savings back into your mortgage and pay early. Leave your payments monthly amount paid earlier and can take years off your mortgage. Make sure your new lender offers pre-payments without penalties. Many lenders allow to increase their payments by 15% per month and pay up to 15% of the original mortgage amount. Some lenders will allow you to double your payment amount.
If you follow the 5 steps above you will be able to achieve their financial goals faster and easier than I thought.
David is a resident of Calgary and a Mortgage Consultant. You can contact David at 403-836-1201 or www.mortgagealliance.ca visit / DavidCook
About the Author:
David Cooke is a senior mortgage consultant in Calgary,Alberta. You can find out more about this subject on his website at
http://mortgagealliance.ca/davidcooke
Article Source: ArticlesBase.com – Five Tips to Slash your Mortgage Costs
