Of Prime Interest: Make your mortgage work for you

The current low mortgage rates are a boon to spenders as well as savers.

  • Apr. 27, 2014 8:00 a.m.

A mortgage can be a goldmine of savings or that pot of gold  to help financially tackle a dream renovation or landscaping project.

It’s a powerful financial tool, one that can and should work for your own interests.

Talking with a mortgage broker is a good first step.

While a good investment advisor can earn you thousands of dollars, a good mortgage broker can save you thousands by finding the best combination of mortgage features and rates to suit your situation.

With mortgage in hand, flush out your financial goals: Are you looking for a way to reduce monthly payments? Save on your mortgage interest over the long term? Pay down the mortgage sooner? Finance a special project or buying a second home for your child at university?

Thousands of Canadians have been taking a look at their fixed rate-rate mortgages in recent  months.

Why? While mortgage brokers don’t have an economic crystal ball, it seems clear the odds of an upward trend occurring with mortgage rates is pretty good.

Following that line of thinking, right now is a historic opportunity to get your mortgage to better serve your interests.

Even if your mortgage is not up for renewal anytime soon, it’s still worth a review to see if you can renegotiate for a better rate.

Don’t assume because your mortgage is locked in at a fixed rate, adjustments can’t be made.

A mortgage broker can access rates from a wide variety of lending institutions and provide professional analysis of your options.

A drop of a few points can save you thousands of dollars over the life of your mortgage.

Is the end of your mortgage in sight? Then good for you! Either take a watch and wait approach or consider a blend and extend to combine your old rate with current rates to help you take advantage of the low current rate opportunity.

The current low rates are a boon to spenders as well as savers.

Mortgage rates are typically far lower than other types of loans or lines of credit, so put your equity to work at rates that you couldn’t have dreamed of 10 years ago on that dream renovation or landscaping project.

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