SAVE $THOUSAND$ – Pay Off Years Sooner!
“ALL MORTGAGES ARE NOT CREATED EQUAL” !
Most people believe that most mortgages from the Banks & other lending institutions are about the same – with some slight differences in the interest rate and some of the various terms and conditions of the mortgage.
Banks tend to calculate their interest pretty much in the same manner – and … be aware that their interest is compounded semi-annually (meaning you pay more interest!)
However, there is a refreshing, relatively new mortgage product now available in Canada from one of Canada largest and well known financial institution. Interest is calculated as “Simple” interest – meaning your overall interest payment will be lower. But that’s only the beginning of the story… read on…
Did you realize that with those banks that hold both your mortgage and your savings & chequing account that you get very little (if any) interest on money you have on deposit with them? However, the key to saving thousands and having your mortgage paid off sooner – is that you ARE given significant credit for money you have on deposit. This makes a HUGE difference over the life of your mortgage.
This mortgage is a very flexible product and you control your payment stream on and from the minimum required … which is most likely much less than you pay now. In effect, YOU become your own banker!!
In addition, this new mortgage gives you an automatic Line of Credit – you can use anytime – for those unexpected financial emergencies. You are also provided with a credit card with a much lower interest rate than many of the big institutions provide.
What if you took out this new type of mortgage … but for some reason you did not like it. What are the penaties? The simple answer is that THERE ARE NO PENALTIES!! Just walk away.. (NOTE: There is a small Provincial Gov’t fee required on all mortgage transfers.)