The Seasons of your Mortgage
As we Canadians prepare for the next season, we naturally organize our lives and our homes so that we are ready for the upcoming changes. We pull or plant gardens, turn over our wardrobes, park or prepare our trailers, bikes, skis, etc. In Canada, this is at least every 3 months!
Each season is a renewal of sorts. A chance to have a fresh start again.
I think we need to look at our mortgage every season as well. If not quarterly, annually. Most of the mortgages arranged today are for five years at a time. As we see in our current "season", rates are at a historic low and there may be opportunities that can be explored mid-term. A review of your last year, and what you paid, what extra payments would mean, and what restructuring would cost and look like.
Term one of your mortgage is important, but it can be lost or washed out if term two and three are not maintained. As a broker, my job is to work with you through all of the seasons of your mortgage, not just at the time of set up. And not just to save you on the cost of borrowing, but work with you to customize your finances when you move, renew or refinance. Don't rely on the bank I may have put you with to be your guide at renewal time. Please remember I am here to discuss your needs, and I don't work for any one bank, I only work for you!
If you are feeling like you want to have another look at your mortgage or want to chat about what your plans might look like in the next seasons or years of your home ownership, please reach out and pop me an email or call.
I also want to thank my existing clients for your continued business during this unusual year, and for trusting in me enough to send your friends and family my way!
Happy Thanksgiving to you and your loved ones!