Why do an Annual Mortgage Checkup?
10 Feb 2017

Why do an Annual Mortgage Checkup?

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Why do an Annual Mortgage Checkup?

With the recent changes in mortgage rules, a new president to the south of us, and upcoming CMHC premium hikes (coming March 17, 2017), it makes sense to take a peek at your mortgage to make sure you are still on the right financial path for your goals.  That being said, every year, most of us receive our Annual Mortgage Statements in the mail and file it away with our tax documents, or worse, (gulp!) throw it out and never give it a second thought.  Here’s an interesting fact: Did you know that the big 5 Canadian Banks made profits of just over $35,000,000,000 in 2015?  And that’s just the “Big 5”!  These profits come from various sources but certainly, a large one is mortgage interest.  Why give away your hard earned money to the bank if you don’t have to.  In many cases, you may be on a great path financially with your mortgage but here are a few other things to consider in your overall financial health when it comes to the overall interest you pay:

  • Do you carry ANY credit card debt, lines of credit, or other high-interest loans?  
  • Have you been thinking about making a renovation in your home? Perhaps a new bathroom, finishing the basement, or upgrading the windows, doors or roof?
  • Do you have upcoming expenses in the next couple years such as post-secondary tuition costs for the kids, or an upcoming wedding, or starting a new business or career change?
  • Are you concerned about the economy in general and the potential for rising interest rates?

If you answered YES to any of these questions, it’s a good idea to let a professional take a look at your financial situation and help you assess if there is an opportunity to help you to save money or build equity in your home.  Even some simple minor tweaks can be the difference between a 25-year mortgage and a 15-year mortgage, and let’s face it, who wouldn’t want to be mortgage free 10 years sooner?

We would be happy to look at your personal financial situation anytime, simply send us your Annual Mortgage Statement and a quick line or two about any questions you might have and we will take a look at no cost and no obligation.  We won’t check your credit until you ask us to.  It’s that simple.  Looking forward to chatting with you soon!

 

Penny Wrightly is Principal Mortgage Broker at The Mortgage Centre – Sunshine Financial (Lic. #12172).

Penny’s office is located in The Professional Centre in downtown Owen Sound, Ontario.

Reach Penny at penny@sunshinefinancial.ca or (519) 372-2221.

 

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