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Tammy Wandzura a Trusted Regina Mortgage Broker Expert shares Don't just blithely sign mortgage renewal forms

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Regina Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!  

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy shares Don't just blithely sign mortgage renewal forms: 

By Ted Rechtshaffen, Financial Post

 

 

A simple call to your lender could save thousands!

 

It is mortgage renewal time in my house.

I am one of those debt loving people who believe I can do more with my money by carrying a big debt at 3%, than by paying off my house and using up all that cheap capital - but that financial idea is a story for another column.

So, even though my mortgage comes due in October, I decided to lock in a rate four months earlier at a different institution at 2.79% for five years fixed. I was thrilled to have another five years of cheap money.

Even though I had already locked in elsewhere, I was interested in what my current mortgage lender would provide. I waited and I waited. Just four weeks before it was due for renewal they sent me a mortgage renewal notice. They could have sent it to me two or three months before my mortgage came due, but they may prefer to leave consumers less time to shop around and more inclined to just renew.

 

Here is where it gets interesting. "Please indicate which option you are accepting by signing your initials in the appropriate area indicated and return your signed agreement," the letter stated.

I could just initial the five year fixed rate - for the princely rate of 4.79%.

Further on in the letter under a section called "Get the best rate," it offered to extend to you our special interest rate hold guarantee provided if I signed by my renewal date. But all this says is that if the rate went down between now and about three weeks from now, I would get the lower rate.

This is a full 2% higher than what I am actually going to get somewhere else.

If I had a $500,000 mortgage, this would cost me $47,600 more over five years by "just signing here" vs. going to a mortgage broker three months in advance.

Just to be sure that I wasn't missing something I called to make sure that I had the correct instructions and rate on my renewal. An interesting thing happened when I called. In about 30 seconds they said "I can actually get you a rate of 2.99% for five years." I asked why my rate was 4.79%, and they said that this is the standard rate, but I can get this better special rate.

Doing the math, that phone call, using the same $500,000 example, would have saved me $42,800 over five years. That was a pretty valuable phone call. I asked the kind sir on the phone how often people just sign the renewal form, and he said "quite a few."

If a bank gets 5,000 people in the same $500,000 example to sign the renewal, that adds $42.8-million in profit to their bottom line each year.

Please do not automatically sign the friendly mortgage renewal form.

At a minimum call to negotiate or call a mortgage broker to get the best deal for you. If you feel some sort of loyalty to your current mortgage provider, then be sure to see someone in person and ask for the very best rate that they give their very best customer. Your future net worth will be glad that you did.

Ted Rechtshaffen is president and wealth advisor at TriDelta Financial, a boutique wealth management firm focusing on investment counselling and estate planning.

 

Call Tammy Wandzura today at (888) 933.3386 for all of your Regina mortgage needs OR visit www.elitemortgagechoice.com

Make an appointment with Tammy Wandzura todayor check out her listing on the REGINA DIRECTORY in the REGINA MORTGAGES Category..she is a Trusted REGINA MORTGAGE BROKER Expert!

Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3

 

Tammy Wandzura a Trusted Regina Mortgage Broker Expert shares some great information and tips on mortgages

Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Regina Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!

Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.

Here Tammy shares some great information and tips on mortgages:

As a Mortgage Broker October & November are the months that our lenders & insurers take the time to come and meet with us and introduce us to new products and information that can be useful to our clients.

As YOUR Mortgage Broker I am here to share information that pertains directly to you!

A few things to think about going into the tail end of the year and 2014.

The government has mandated further rules for our lenders to follow in 2014. What does this mean to you?

If you have Line's of Credit or Credit cards that have a minimum interest only repayment-lenders will be forced to use a 3% repayment in most cases
EX: $10,000.00 Unsecured Line of credit=Currently $50.00/month minimum payment
NOW: the Banks will require us to use a $300.00/month payment

**This will significantly impact the approval & qualification of many clients.

Thinking of restructuring your mortgage OR buying? Call me today. We can talk about your options TODAY and in the future!

1) Buying a HOME?

 

Have you considered PURCHASE + IMPROVEMENTS

With the new Government rules regarding refinancing (only able to restructure your mortgage up to 80% of the value) it will take some significant time to build enough equity; allowing you the flexibility to do that upgrade to the kitchen, bathroom, shingles, driveway, basement, furnace etc

We can set up your mortgage as a Purchase +
This allows you to do the upgrades now and include the improvement costs into your mortgage!

Call me today to discuss how this program can work for you!

2) There are special programs available for Professionals (such as: Doctors/Residents & Engineers) Call me for more details.


 

 

3) Variable Rate Mortgages are Making a Comeback!

Many of our lenders are re-introducing the deeper discounts on the Variable rate mortgages.
This type of mortgage is not always best suited for the first time home buyer. Qualifications are different. **However this is a great option for a qualified borrower to work with the LOW Prime rate (still sitting at 3%) ) 

 
 

 

4) Self employed - Stated income
Are you Self employed? There are still STATED income programs available with as little as 10% downpayment.
Approval is subject to qualification. 
 

 

 

5) New To Canada?
New to Canada as a Permanent resident OR on a Work Visa- we can qualify you with as little as 5% downpayment.
Pre-approvals are required
Call me today for further details!
 

 

 

Call Tammy Wandzura today at (888) 933.3386 for all of your Regina mortgage needs OR visit www.elitemortgagechoice.com

Make an appointment with Tammy Wandzura todayor check out her listing on the REGINA DIRECTORY in the REGINA MORTGAGES Category..she is a Trusted REGINA MORTGAGE BROKER Expert!

Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3

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