3 Easy Mortgage Goals For 2019 - The Rob Campbell Mortgage Team

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  • 3 Easy Mortgage Goals For 2019

    How can you really get pumped up about your Mortgage?

    For most, a mortgage is like that drunk Uncle that you know you should visit more often because one day you’ll regret not paying more attention.

    Most clients will review their amortization statement when we first meet, look at how much is being paid to interest, scream in a panic, then put it to bed for the next 3-5 years.

    Here are 3 easy goals to get on as the calendar turns to a new year:

    1. Top Up Your Payments:

    Review your mortgage paperwork to find out just how much you can top up the monthly payments. This should be referenced to on your statements or online account info as “pre-payment privileges. For most lenders, you’ll be able to top it up by another 15-20%. For every $1,000 of mortgage payment, you should be able to pay an extra $150 per month as a minimum.

    1. Change Payments To Accelerated:

    By changing your biweekly or weekly payments to Accelerated payments, you’ll pay off an extra month’s worth of payments as accelerated payments are based on a 13 month calendar year. This will help reduce your amortization by a few years without doing much heavy lifting at all.

    1. KNOW THE DATE!

    What is your Maturity Date? This bad-boy needs to be painted on your fridge. The Maturity date is your licence to freely run through the fields of consumer choice. Should you need to refinance, restructure, or transfer your mortgage to a new lender, the Maturity date is your ticket to freedom as there will be little to no cost to leave your current lender. No nasty mortgage penalty calculations, no legal fees to transfer, maybe even no appraisal to be done. Transfer your mortgage for free!

    EXTRA MORTGAGE TIP:

    Your mortgage statement will be arriving soon, roughly the last week of January or first week of February.

    It will contain some powerful info like your 2018 yearend balance, mortgage rate, and Maturity Date. You may also see what your total eligible pre-payments are for the coming year. Keep an eye out for it.

    Now that you know you want to pay down your mortgage faster, hop on over to our mortgage calculators page where you can start running your own numbers.

    Want more focused numbers? Reach out to our office for mortgage advice by one of Guelph’s Best Mortgage Brokers, The Rob Campbell Mortgage Team. Call us at 226-486-1477.

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