Agent Blogs
Article from The Globe and Mail: Pay your mortgage like it’s 2007. You'll save a pile of money...
Just 60 short months ago, mortgage rates were double what they are now. That means payments on a 25-year mortgage of equal size were 36% higher than today.Since then, the amortization gods have slashed mortgage rates and payments. Compared to interest costs in 2007, today’s rates would save you $101,700 if projected out over 25 years on a $200,000 mortgage. If you look at the payments on a mortgage that size, they’ve tumbled from $1,284 in 2007 to $945 today. (To put that in perspective, the payment at 0% interest would be $667.) It’s clear that the savings potential of today’s rates is phenomenal. The question is: are Canadians taking advantage of these record-low rates? Click here for the full Globe and Mail article. Robert McLister (PublishedSunday, Oct. 28 2012, 4:43 PM EDT)
-Cory Kline 705-794-1283
Mortgage planning since 1998
