“Getting a low rate mortgage is only the first step… the advice that comes with the low rate is far more valuable!”
Every one of our clients receive a personalized, in-depth Mortgage Strategy Guide. Your personalized strategy guide is created with your personal situation in mind and is also based on your ability to pay down your mortgage. By following your guide, you can reduce your overall mortgage costs and mitigate against rising mortgage interest rates!
Below is an example of our Mortgage Strategy Guide’s first component: what happens after the term is complete and mortgage rates increase by 1%, 2% and 3% respectively.
Getting Rid of “Payment Shock”
As you can see from the above, increases in interest rates can cause large increases to your monthly mortgage payment. This unexpected increase is called payment shock. Implementing your mortgage strategies will drastically reduce or negate potential increases in payments due to future increased rates.
We Have Two Personalized Strategies
Based on our meeting and your ability to pay down your mortgage, we will create two payment strategies for you using pre-payment options specific to your mortgage. Our first strategy is the most conservative extra payment you can manage (above). The second strategy combines with the first and adds a lump sum payment. Extra payments go directly to pay down your principal mortgage balance.
Each Situation is Unique
The biggest challenge you may have is getting proper advice based on you unique situation. Our Mortgage Strategy Guide is prescriptive for all clients but it may not be the best route, depending on your future housing goals. Please don’t hesitate to contact us for any questions relating to your housing goals.