January 11
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This is a success story about how we were able to help our client, Sam, save $800 in mortgage payments by refinancing her mortgage and switching from a variable rate mortgage to a fixed rate mortgage.
Sam, the sole income earner of her family, had been a homeowner for several years and had originally chosen a variable rate mortgage with the assumption that the interest rates would stay low. However, in 2022, mortgage interest rates, increased significantly. As a result, Sam found herself facing difficulties maintaining her mortgage payments current.
We listened to Sam's story and understood the financial stress her family was under. We knew that we had to act fast, so we sat down with Sam and discussed all of her options. After analyzing Sam's current situation and long term financial goals, Paul suggested that they refinance their mortgage switch from their variable rate mortgage to a fixed rate mortgage. Paul reached out to our top lenders and found a lender who was willing to offer Sam a fixed rate mortgage at a significantly lower interest rate than their variable rate mortgage. By refinancing and switching to a fixed rate mortgage, Sam was able to lock in her interest rate, and her monthly mortgage payments were now more manageable, saving them over $800 in mortgage payments.
As a result of our efforts, Sam was able to breathe easy and sleep well knowing that their payments are now locked in and they don't have to worry about any unexpected hikes in her payments. They are also grateful to have that extra financial relief, especially being the only income earner in their family of 5.
To make the story even better, with the money saved, Sam was able to start a savings plan for her children's education fund and future home repairs. She felt more secure and planned for her future. We are proud that we could not only help them with the immediate financial stress but also with the future planning.
Like we did with Sam, we work closely with all our clients to fully understand their unique mortgage situations and find solutions that meet their needs, which in Sam's case was securing a fixed rate mortgage that was manageable, secure and also help them plan for their future.
As a homeowner, your property is likely one of your most significant investments. However, recent discussions around potential housing policy changes by our federal government, under the banner of “Fair Housing,” could alter the landscape of the Canadian housing market in ways that directly impact you. These changes are being driven by a push to
Read MorePersonalize Your Blog Reading ExperienceChoose your preferred content version The Essentials Comprehensive Advanced Introduction:The landscape of Canadian homeownership has been experiencing tectonic shifts, primarily influenced by critical decisions from the Bank of Canada (BoC) and regulatory authorities. Intended to steady economic scales and rein in rampant inflation, these choices have had complex repercussions, particularly felt
Read MorePersonalize Your Blog Reading ExperienceChoose your preferred content version The Essentials Comprehensive Advanced IntroductionIn the intricate ballet of economic strategies, interest rates have traditionally taken center stage, captivating audiences with their clear, sweeping impacts. But there’s a subtle performer moving in the shadows, one that the Bank of Canada is increasingly turning to in these
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