It has been a roller coaster for the last few days in the market! There has been a lot happening over the last month or so in the global economy which has resulted in some serious volatility in the market (stocks & bonds).
The majority of homeowners, unfortunately, get a mortgage from their local branch, set the payment and forget about it till renewal. I call it "set it & forget it" approach. Since 2008, there has been a lot volalitility which is anticipated to continue as the western economies deal with unprecedented levels of debt. Here is a number to put things into perspective: Between today and September 1, 2011, European countries have to pay 57 billion euros of interest! These numbers will have a huge impact on the recovery of Europe, not to mention the US which is dealing with its own fiscal challenges.
Why Should You Care?
A mortgage, whether it is for a home, cottage or rental property is an investment vehicle. Similar to one's RRSPs, which I am sure lots of Canadians are now reviewing on a daily basis, a mortgage needs to be reviewed on a regular basis to optimize it for what's happening in the economy. This means someone overseeing the mortgage, notifying the borrower when to adjust the mortgage payment to reduce the mortgage amortization and save thousands of interest dollars as well as adjusting the mortgage for renewal at a higher interest environment. These low rates will not be around forever. The beauty of all this after mortgage funding service, is it comes at no cost to the borrower from a mortgage professional, believe it or not. Unfortunately, the majority of homeowners don't utilize this free service.
This is a great opportunity for Canadian homeowners to take advantage of this low interest rate environment and set up a plan to achieve mortgage freedom and save thousands of unnecessary interest dollars. Afterall, it is your hard earned dollars!
To discuss your personal mortgage finance situation, please feel free to contact me.