A few years back, when the economy was unclear and rates appeared to be at record lows, it was common practice for people to take a 10 year fixed rate mortgage. In theory, it made sense to lock in for as long as possible, even with a slightly higher than average mortgage rate.
Unfortunately, the strategy didn’t go as planned. Rates have continued to drop and as a result, many people are still paying large amounts of interest – and will continue to do so for many years.
Fortunately, with current fixed and variable rates as much as 2% lower than the 10 year fixed rates over the last number of years, there is a loophole your mortgage may qualify for. This could give you the opportunity to save thousands of dollars in interest on your current 10 year fixed rate mortgage.
Our team can review your mortgage and provide you with a written report confirming if and how much you could save.
It might be worth a conversation.
Call us today at 1-877-341-1299 or email firstname.lastname@example.org for a complimentary assessment by one of our mortgage professionals.