We've helped a lot of people with their debt consolidation mortgages, Kelowna refinancing needs, and have reduced their overall monthly payments.
Below is an example of how refinancing your existing mortgage can help you lower your monthly payments, by reducing the interest rate and extending the amortization.
Extending the mortgage amortization can be a practical way to reduce your monthly payments. With pre-payment privileges of up to 20% in any year, the overall amortization can be reduced over time, while still allowing for a lower monthly payment.
In this example, we have used a Kelowna adjustable rate mortgage (also known as a variable rate). A Kelowna adjustable mortgage will fluctuate with the Prime rate, so your payments will go up and down with Prime. If you are more comfortable with a steady payment, a fixed rate may be better suited to you.
Please note that this is an example for illustration purposes only.
The rate and/or terms are subject to change without notice.
|
| Existing First Mortgage |
$100,000 (Current rate is 6.00%, 20 years remaining-no penalty) |
| Existing Second Mortgage Line of Credit |
$50,000 (at Prime 4.75%) |
| Existing Consumer Credit Card Debt |
$20,000 (at varying rates from 9%-20%) |
| Existing Total Monthly Payments |
$1,510.11 |
|
| New First Mortgage to Consolidate Debt |
$170,000 |
| New Adjustable Mortgage Payment |
$764.44 (Prime minus 0.60%, 35 year amortization) |
| Monthly Payment Savings |
$745.67 per month savings! |
- E&OE
Give us a call today to determine your monthly payment savings with a Kelowna adjustable rate mortgage!
