Variable Rate Mortgage? You Might be Overpaying!
- Shawn Mooney
- Feb 22, 2022
- 1 min read
Did you know a lot of variable rate mortgage holders are paying way too much? Variable rates are most often the easiest to get out of with a simple 3 months interest penalty.
If you take a look at the illustration below, you will see that if you do not have a rate of 1.45%, or prime minus 1%, then you could be overpaying.
As you can see, I am using a $300,000 mortgage with a rate of 2.45%. Using a new rate of 1.45%, and adding the penalty take note of the total amount saved over a 5 year term. Based upon this scenario, I will have saved a client $17,646.02 with a payment reduction of $136.09 per month. Can you afford not to refinance?
In just a couple of minutes I can figure out what your situation might look like with some of my strategies. Why don’t you give me a call now so I can assist you? You can also book a virtual meeting at a time that is convenient for you by clicking the link below. I look forward to hearing from you!
If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this email or provide them with my contact information. I will look after them as if they were a friend or family member to myself.
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