Snowboarding Park City, Utah!
  
A few weekends ago, a friend and I set off to Park City, Utah to explore a new mountain. We had such an amazing time and it felt great to travel again.
Is your Mortgage up for Renewal?
Taking the first offer from your bank at mortgage renewal without exploring other options could mean missing out on potentially better terms and conditions, including lower interest rates and better loan features. Here are some reasons why you should not take the first offer from your bank at renewal:
Higher Interest Rates: Banks may not always offer the best interest rates, and there could be better options available from other lenders. By shopping around and comparing different mortgage rates and terms, you may be able to save money on interest payments over the life of your mortgage.
Improved Loan Features: Other lenders may offer more flexible repayment terms or features, such as the ability to make prepayments or skip payments. These features can help you save money, reduce your debt, and build equity in your home.
Changing Financial Situation: Your financial situation may have changed since you first took out your mortgage, which could make you eligible for better terms or products. For example, if you have improved your credit score or have more stable income, you may be able to qualify for lower interest rates or more favorable loan terms.
Negotiation: By exploring other options and comparing offers, you may be able to negotiate a better deal with your current lender. They may be willing to match or even beat offers from other lenders to retain your business.
Expert Advice: Working with a mortgage broker can help you navigate the complex mortgage market and find the best mortgage products and rates that fit your unique needs and circumstances.
Overall, taking the time to explore different options and negotiate with your lender can help you save money and get the best mortgage terms and conditions that meet your financial goals and needs.
My Mortgage Planner - Download Now!
This is a super cool app to download! If you are interested in playing around with your mortgage numbers and running amortization schedules...this is the tool for you!
Download Here
This app does the following:
-Calculate your total cost of owning a home
-Estimate the minimum down payment you need
-Calculate the maximum loan you can borrow
-Stress test your mortgage
-Estimate your Closing costs
-Calculate property transfer tax and available rebates
-Search the best mortgage rates
-Compare your options side by side
-Email summary reports (PDF)
-Use my app in English, French, Spanish, Hindi and Chinese
How to Lower your Mortgage Payment
There are several ways you can lower your mortgage payment:
Refinance your mortgage: Refinancing your mortgage involves replacing your current mortgage with a new one that has better terms, such as a lower interest rate or longer repayment period. This can lower your monthly payment and reduce the overall cost of your mortgage.
Extend the Amortization: If you're struggling to make your mortgage payments, you may be able to extend the amortization, which will lower your monthly payment but increase the overall cost of the mortgage.
Make extra payments: Making extra payments towards your mortgage principal can reduce the amount of interest you pay over time, which can ultimately lower your monthly payment. You can do this by making extra payments each month or by making one-time lump sum payments.
Modify your Mortgage: If you're having difficulty making your mortgage payments, you may be able to work with your lender to modify your loan terms. This could involve reducing your interest rate or extending the loan term to lower your monthly payment.
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