The current market rates are low and definitely to take advantage of. Here are a few mortgage tips you may want to consider with your current mortgage and save money for the future.
- If you have any debt that is consuming your monthly cash flow consider consolidating your mortgage and outstanding debt. With interest rates this low the monthly savings can be huge.
- Purchasing a second property using equity in your home can help you build for retirement. Remember the mortgage interest on investment properties is a tax right off.
- If you are locked in a fixed rate at a higher rate e.g. 5.00% or more, and you are into your last year of your term you may want to consider breaking your mortgage and taken a new term at a lower rate. The penalty to break a mortgage in the last year of a term is much lower than in the earlier years. You can capitalise (include in new mortgage) the penalty into the new mortgage term and with a much lower interest rate you can save money and come out ahead.
For more details or to obtain a pre-approval please contact Robert Clancy:
Robert Clancy, AMP,
VERICO Safebridge Mortgage Solutions