Many of our clients often wonder if it is beneficial to break their current mortgage in order to rework the arrangements, potentially achieving a lower interest rate.
Consider the results of a recent review completed for one of our clients. Based on their $250,000 mortgage with an interest rate of 5.09%; after paying the early payout penalty, these clients will be ahead by $5,000 in interest and $1,600 in principal, in three years time.
Simply by reviewing your current mortgage arrangements and running a few calculations we can easily determine whether you would benefit from breaking your current mortgage and refinancing. For more information or to arrange a review meeting, please contact our office.