What Do I Do When My Mortgage Is Up For Renewal?
  
Occasionally a client calls to tell me that their mortgage is up for renewal at their bank within 4-6 months time. The bank is "allowing" them to renew early at a certain rate, but they want to know if they are getting a good "deal".
Here are some things to think about when your mortgage is up for renewal:
- Do you have any high interest credit cards or loans you would like to roll into your mortgage?
- Any reno needs/wants coming up within the next 1-3 years?
- Any plans to move or maybe buy an investment property in the next few years?
- How does your existing lender calculate mortgage penalties?
No matter what, you have time, so ask more questions and don't succumb to bank pressure! At the very least, give me a shout and I can tell you whether or not the interest rates offered are decent. We can also discuss what other options are out there. You might be surprised!
Be patient. It could save you money!
Arnold Schwarzenegger Interesting Facts
From one cartoon to another - Arnold Schwarzenegger has taken over for Donald Trump in the boardroom of NBC's "Celebrity Apprentice."
Arnold has excelled in many different careers - from bodybuilding to blockbusters to politics. But he's always been an entrepreneur, first and foremost.
When he arrived in the United States in his early twenties, with almost $30,000 saved from his iron-pumping victories, he had a business on his mind.
So how did the "Terminator" became a millionaire by age 25?
Real Estate Investing
Arnold was shocked with the number of Americans who rented rather than owned.
In his homeland of Austria, it was typical to live with the family or find some comparable arrangement until you could afford to buy a property.
He put his savings towards the downpayment on an apartment building. A year later, he sold it for $150,000 profit.
Here's why he was really smart:
Arnold took those profits and quickly re-invested them into another property. Had he just pocketed the profits and waited, the taxman would have gobbled up a big cut.
Instead he re-invested, over and over, and watched his networth skyrocket.
This was years before he became one of the most bankable stars in movie history.
In fact, had he jumped into the Hollywood pressure cooker without a real estate fortune behind him, he may have had to settle for small parts and mediocre roles that could have derailed his acting career.
(Now that's a scary thought.....no Terminator?)
Like a true businessman, Arnold never stopped investing. Today he has massive stakes in premium properties throughout America - especially in his adopted home state, California.
Some people find Arnold's personal choices to be rather questionable, but if we separate his personal life from his business life, it's been impressive to see his real estate track record as an investor.
Having said that, there's no mystery to his real estate strategy - they are techniques we all know are repeatable.
In any market.
In any economic climate.
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