new mortgage rules

Is now the right time to renew your mortgage?

Is Now the Right Time to Renew Your Mortgage?

The new mortgage rules, which officially took effect on January 1st, 2018, are taking over headlines in the media. But a recent survey found over a third of Canadians aren’t aware of the new rules at all.

Instead, most of the country is simply focused on paying off their credit card debt after the holidays. So if you’re finding yourself buried in bills and struggling to keep up with your minimum monthly payments, you’re definitely not alone.

The good news is: you have options.

We started our mortgage brokerage not just to secure you the best mortgage rates, but to help you make your dreams of financial freedom a reality.

A mortgage refinance or mortgage renewal can help you:

  • Reduce your mortgage payment,
  • Shorten the term of your loan,
  • Build more equity quickly,
  • Finally become debt-free.

While the turn of the New Year is an expensive period for many, it also represents a fresh start – both for you and for your finances. What better time than now to make the kind of change that will have a long-term effect on your financial future?

Here are three reasons this may be the perfect opportunity to refinance or renew your mortgage:

1. You’re ready to wipe your credit card debt clean once and for all.

You probably know there’s such a thing as good debt and bad debt. Those credit card statements you pay the monthly minimum on before stashing away in a drawer somewhere? That’s bad debt.

This is because credit cards have some of the highest interest rates, and they aren’t used to buy appreciating assets. You can use credit cards effectively for the rewards and other benefits, but this means paying the balance off in full each month.

While bad credit card debt may have caused you a lot of stress over the years, there’s a way out. A mortgage refinance can reduce the interest on your loan from 15-18% to a much more reasonable 3.25%. Ask us how by using the Live Chat feature at the bottom right corner of our website.

2. You want to make sure you’re receiving the most competitive interest rate on your mortgage.

Securing the best rate on your mortgage involves a lot more than comparison shopping. It’s about much more than your credit score. When you work with Mortgage Savvy, you can rest assured knowing we’re doing everything in our power to find the best financing for your situation.

Mortgage rates can vary by several percentage points, and the difference can lead to a much higher or lower monthly payment. This means refinancing with a better rate can end up saving you tens of thousands of dollars in interest payments over the life of your loan. Get your paperwork ready using our savvy refinance checklist, and then apply online to expedite the process.  

**By completing your online mortgage application by January 31st, 2018, you will be automatically entered into our draw for a cash prize of $5,000.**

3. You want to build a life by financial design.

Money is a tool. Every day, we rely on this tool to build the life we want. Every financial decision we make has an impact on our future. This is why it pays to know your options. It pays to be aware of your numbers, and to seek out the solutions that work best for your unique situation.

Your mortgage can play an instrumental role in helping you reach your financial goals. Our mortgage experts are here to support you in taking that first step. We’re here to help improve your personal wealth, and we do this by providing sound feedback and advice throughout the life of your mortgage.

Let’s make 2018 your best financial year yet. Get in touch today to find out how we can help.

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