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We are a family of trusted mortgage professionals who, through high integrity, take pride in creating lifelong relationships by dedicating ourselves to your mortgage needs. We offer the assistance you need to help in all of your mortgage endeavors. Whether you are consolidating debt, refinancing your home, or buying your first house or third, we have the expertise to make it fast, easy and an enjoyable process. We offer a variety of application options, and our experienced professionals offer superior quality support throughout the entire experience. I’m helping you create perhaps the largest debt of your life. I feel a professional responsibility to help you manage that debt. My responsibility is to hep you integrate the mortgage you select into your overall long and short term financial and investment goals and your payment equity and cash flow objectives.
Mortgages, Home Refinance, Mortgage Renewal
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20 hours ago by Mortgage TailorsDon’t know how often you need to clean something? This guide will help you keep your home in top shape! #realestatetips
5 days ago by Mortgage TailorsLooking to get prequalified for a mortgage, try our 5 minute Pre-Qualification tool
6 days ago by Mortgage TailorsExcited to soon be sharing our new pre-qual tool. just 5 minutes and your done. Keep watching........
1 week ago by Mortgage TailorsWhat Do Rising Rates Mean For Clients Mortgage Maturities In The Future?
Over the last 3 years interest rates have been in a steady cycle of increase followed by short periods of decreases. Recently however, there has been more increasing than decreasing happening. Depending on when you originated (funded) your mortgage it wasn’t uncommon for clients to have interest rates in the low to mid 2%’s (that is much lower than our current rate environment by the way!)
Unfortunately, this lulls clients into a false sense of security. With low rates come corresponding low payments. Fixed rate mortgage payments don’t fluctuate when interest rates increase. As a result when those mortgages come up for renewal their payments could increase. In some cases this increase is substantial and can catch clients off-guard. We refer to this phenomena as payment shock.
Q: How can this increased payment shock be minimized?
A: Why not increase your payments today to minimize future payment shock
If you take an average mortgage client with a $350,000 mortgage @ 2.69% and fast forward 5 years to their renewal date what could the rate landscape look like? Let’s surmise that 5 year rates are at 4.00% by that time (a very reasonable assumption considering current upward momentum). Your clients payment now jumps to $1,796.78. That is an increase of $195.59 from today’s payments.
However, if the client increased their monthly payment by as little as 5% today, this would increase their monthly payment by only $80.06. With the same assumed rate increase to 4.00% (for a new 5 year fixed term) after maturity the monthly payment would now only be $1,765.76. This would only be an increase of $84.51/m reducing the payment shock significantly.
If you originally purchased your home with 20% down payment or more, interest rates currently being offered are around 3.69 to 3.89 depending on lending institution. We have some options to get 3.49% which can potentially save you thousands of dollars in interest over your next 5 years.
Please don’t sign your mortgage renewal, call us today at 780-244-0505 or email me at firstname.lastname@example.org and see whether we can save you some money on your next mortgage renewal.
2 weeks ago by Mortgage TailorsHaven’t been back in Leduc for a long time, I have seen so many of my old patients. It brings back great memories
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