Consumer confidence strong: poll

 Ottawa Citizen, Ottawa, Ont – Pollster Ipsos Reid said 52 per cent of Canadians believe the economy will improve in the next year, a level of confidence the firm has not seen in 18 years of tracking consumer confidence. In November, just 20 per cent of those surveyed by Ipsos Reid believed the economy was improving…

Consumer confidence strong: poll

Improve Cash Flow and Save thousands by remortgaging!

Let’s say you were in the following scenario:

Home Value $485,000

Existing mortgage: $300,000 @ 5.85% with 35 year amortization payments $1,658.48/mo

Credit Card balances $30,000 @ 15.00% interest only payments $375.00 per month
(no principal repaid back)

Car Loan balance $20,000 @ 8.5% monthly payments $407.44

Total Monthly Cash Flow $2,441.24

Now with remortgaging

Let’s say the in order to pay out the existing mortgage you had to incur
a three months interest penalty of $4,500.00

New mortgage $354,500.00 @ 4.09% with same amortization of 35 years payments
are $1576.14/mo, cash flow improved by $865.09/mo

Now let’s say you really didn’t want to take 35 years to pay off
your mortgage and you were okay with your existing cash flow, by remortgaging
we could shorten the time it’s going to take to pay off your mortgage
to just under 17 years, that takes 18 years off your mortgage! Not only that
but that’s the only payment you now have!

Now some you might get hit with IRD in order to pay off your mortgage, in
other words a much higher payout penalty, even if we ran the same scenario
with a $20,000 penalty remortgaging would look like this

New mortgage $370,000 @ 4.09% with same amortization $1,645.06/mo that’s
still a cash flow improvement of $796.17/mo

Keeping cash flow the same we can still shorten the time to payout
the mortgage to just under 18 years still taking 17 years off your mortgage.

Give me a call at 250-686-4246 or e-mail me at kam.brar@vericoselect.com to
discuss your individual situation!