This week my Blackberry died and I've had a flutter of anxiety since then. They're sending me a new device, but it's going to take seven to ten business days to get. I don't think that's acceptable, but in the meantime I'm looking at the bright side.
I'm actually now able to live better in the moment, without the worry of missing a phone call or text. Hey, I even have time to write a blog post! So here it goes. I know that mortgages aren't always top of mind (isn't Christmas coming?), but there's some great opportunities to save money on interest.
A few years ago, those clients who chose variable rate mortgages (VRMs) priced at over the prime rate, should consider refinancing their mortgage to get a better rate. While we're offering a five year fixed rate mortgage between 3.39% to 3.69% (depending on the features you want), the variable rates are attractive at prime -.4% to prime -.6%. The prime rate's at 3%, which means you could get a VRM at 2.6%. Variable rate mortgage also can have significantly lower penalties, with most lenders only charging three months interest, which can easily be wrapped into the mortgage.
For example if you have a $250,000 mortgage the interest savings per year by making this change is $1625 per year, not to mention your mortgage payments will be lower!
If you have a VRM that's at three percent or higher, please give me a call or message me and I can run the figures to help you make an informed choice.
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