The very first tip is to make sure you are not paying a rate you were offered by your bank. When you sign for a mortgage, either at purchase, refinance and or remortgage, make sure you are getting the best deal it is available to you. There are circumstances makes your mortgage interest rate higher and there are remedies you can push them lower.
For a start, do not believe your providing you the best possible solution. They are in for the money and only offering you one mortgage product, their own. And believe; no matter how long you are with them, they will not give you the most discounted rate as they know you will not check up on them. One option is no option, it is simply giving in as you think they are your best bet as you bank at their branch for 15 years. Wrong! they have a bottom line of return to meet with their investment goals and they will not think for a minute to stick it to you as most likely you are oblivious. Don't be quick to sign the renewal comes from you current lender, they are counting on it you will just sign up to their offer as it is very convenient. Most likely there is a better alternative out there for you. Let your mortgage broker check it out, cost you nothing but a second opinion always handy, after all it can be thousands in unnecessary wasted money you can put for better use.
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There are many tricks to shorten the amortization period, play with rates, terms and different lenders product, but do not forget, there are well qualified mortgage brokers and having them in your corner will save you a bundle.
I will provide you more information on how to save interest on your mortgage, as your interest payments are nothing but the profit you pay to the lender, regardless it is a bank, trust company or a private lender.
Keep on coming back to look for more tips, you need them if nobody cares, we do.
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