CTV News - Mortgage Minute
On this week's Mortgage Minute, Mortgage Broker Frank Napolitano tells viewers how they can save thousands of dollars in interest and trim years off their amortization.
Click here for the full video from CTV Ottawa.
On this week’s Mortgage Minute, we learn how to take advantage of today’s historically low mortgage rates to reduce the amount of interest paid over the life of the mortgage, and become mortgage-free even faster.
Home owners who have mortgages approaching the renewal stage have the benefit of renewing during a period of low interest rates. In this video, Frank details a scenario in which a client renews at a lower interest rate, but maintains the amount they pay toward their mortgage regularly. This, coupled with making accelerated bi-weekly payments has not only saved the client thousands of dollars in interest, but has reduced their total amortization period by ten years.
This is just one example of how making small changes can have a significant impact. By using an online mortgage calculator, it is easy to see how increasing your payments, or simply maintaining the payments with a lower rate can help you save. For one-on-one advice, contact an Ottawa Mortgage Broker.