Making a Difference with Interest Rates
Posted on 04 March, 2014Many 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.
