How We Can Help You Get Mortgage Free Faster

That’s the dream isn’t it? To be mortgage free and own your own home. Just imagine what you could do with all the extra money on a monthly basis.

Many Canadians hold a mortgage, credit card, or student loan and the latest numbers from Statistics Canada show that for every dollar we bring in of annual income, we hold $1.65 of consumer debt. That number includes a 6.3% surge in mortgage debt for Canadians.

With those numbers in mind it becomes increasingly clear that paying off your mortgage as fast as possible is probably the best economic decision you can make. That means less money in interest payments and more money in your pocket.

Here’s how we help one of our customers and how we can help you become mortgage free faster and free up money in monthly payments to help you do the things you want to do!


How We Helped Wayne Save $3000 in Monthly Payments

We see a lot of clients with a variety of different needs and circumstance. However, if you boil it down they fit into two silos: those looking for a mortgage and those looking to refinance and get a better deal on their mortgage.

Wayne came to us with a mortgage on a rental property. He still had about $312,000 remaining on the mortgage and was paying an interest rate of 5.5%. Wayne’s monthly payments were nearly $2100/monthly and the original cost of the property was $500,000.

When Wayne came to us he wanted to reduce his monthly mortgage payments and consolidate his debt into one easy monthly payment.

With all of Wayne’s data and finances in mind we were able to find him a much better deal through a bank lender. We refinanced Wayne with a bank lender at $400,000 and were able to drop his interest rate to 2.84%. With the new lower interest rate, his monthly mortgage payment went from nearly $2100/month to $1870/month a difference of $230 saved on a monthly basis.

With the additional $88,000 from the refinanced mortgage, if you remember the original mortgage was for $312,000, we were able to pay off some of Wayne’s other debts.

Wayne had $55,000 in credit card debt and we were able to help him pay off the high interest loan. We were able to save him another $1664 in monthly payments. So if you’re keeping track, that’s a total of $1,894 saved in monthly payments  so far.

Wayne also had a car loan in the $20,000 range and was paying $1,270 in monthly payments. We were also able to pay off the car loan with the room we had in the refinancing of his mortgage and save home another $1,270 in monthly payments.

In total, we were able to save Wayne $3,139 in monthly debt payments.

He’s now able to take that additional savings from refinancing not only his mortgage but also consolidating his other debts and apply them to his monthly mortgage payments. In turn, paying off his mortgage faster as he pays less interest on his loans.

If you’re interest the process we took with Wayne that helped save him over $3000 in monthly payments, feel free to drop us a line.