IRD penalties at banks can cost you thousands!

Non all mortgages are created equal and this is one massive example to this.

This example has all the same information inputted on all their online calculators, which are on the internet.

I started out with a mortgage amount of $450k and exactly 3 years in to the term. The remaining balance is ~$418k.

Their are multiple non bank lenders we have access to. These two examples are two of the largest in Canada. And of course there are a few more banks out there. These are a few of the largest.

When you say ‘my bank is offering me .10% difference’, I may come back and say ‘this .10% difference over the 5 years is under $2k. Do you want to spend the little more to know you are in a better product today, that may save you $11k+ later, or rish paying this later?’

This is a bit more of an extreme case, however, you can get a very good idea of how things can be different. Chasing a slightly lower rate can cost thousands here and in other areas.

This case, as well, is not an absolute resemblance of what will happen to you. It is solely for illustration purposes. There will be times when the banks penalties are the same, all depends on your remaining term, balance, and current rates at the time, to name a few

First Time Mortgage Tips, General Information, Know Your Mortgage Penalties
interest rates, mortgage penalties, mortgages

Unlocking Your Homeownership Dreams: Why Working with an Expert Mortgage Broker Matters

Welcome to our blog! As a dedicated mortgage broker, I’m here to guide you through one of life’s most significant financial decisions: buying a home. With the ever-changing landscape of mortgage products and lending options, having a knowledgeable partner by your side can make all the difference.

What Does a Mortgage Broker Do?

Simply put, a mortgage broker acts as a bridge between you and lenders. Instead of approaching banks and lending institutions one by one, I help you navigate the vast array of mortgage options available, ensuring you find the best fit for your unique financial situation. Here’s how I can assist you:

1. Personalized Guidance
Every client has different needs and circumstances. I take the time to understand your financial situation, goals, and preferences. Whether you’re a first-time homebuyer, looking to refinance, or interested in an investment property, I tailor my advice to suit your specific scenario.

2. Access to a Wide Range of Products
With access to numerous lenders, I can offer you a variety of mortgage products. This extensive network allows me to find competitive rates and terms that you might not discover on your own. From fixed-rate mortgages to adjustable-rate options, and government-backed loans to specialty programs, I’ll help you sift through your choices.

3. Expert Knowledge and Market Insights
My extensive knowledge of mortgage products paired with my teams rooted years of experience in the industry. I stay updated on the latest trends, regulations, and lending practices, which means I can provide insights that empower you to make informed decisions. I’ll explain complex terms in simple language and help you understand the pros and cons of each option.

4. Streamlined Process
The mortgage process can be overwhelming, filled with paperwork and jargon. I take the hassle out of this experience by managing the paperwork, communicating with lenders, and ensuring that deadlines are met. My goal is to make the process as smooth and stress-free as possible for you.

5. Negotiation Power
Having a broker on your side can strengthen your position when it comes to negotiations. I can advocate for you with lenders to secure the best terms and conditions. Whether it’s a lower interest rate or reduced fees, my expertise can lead to significant savings over the life of your loan.

6. Ongoing Support
My commitment to you doesn’t end when your mortgage closes. I’m here for any questions or concerns that arise throughout the life of your loan. Whether you’re considering refinancing down the line or need advice on future property purchases, I’m just a call or email away.

Why Choose Me?

Choosing a mortgage broker is an important decision, and I strive to be your trusted advisor in this journey. My passion for helping clients achieve their homeownership goals is matched only by my commitment to transparency and integrity. I believe in building lasting relationships based on trust and clear communication.

Ready to Get Started?
If you’re ready to explore your mortgage options or have questions about the process, I’d love to help. Let’s connect to discuss how I can support you in making your homeownership dreams a reality. Together, we’ll navigate the mortgage landscape with confidence.

Thank you for visiting my blog! Keep an eye out for more insights and tips on home financing, and don’t hesitate to reach out if you’re ready to take the next step