In todays economy. many families are suffering from reduced work hours, lay offs and reduced income opportunity in general (ie. stocks, GICs etc). To make matters worse, consumer debt was on the rise prior to the recession and lower savings trends have not helped. For families in these situations, they often have the choice between managing multiple monthly debt payments or refinancing and paying a penalty.
Having met many families trying to decide just that, I can say that the decision is never easy. Paying a penalty for breaking the first mortgage contract, only to get a second bigger mortgage is daunting to say the least. However, the pile up of bills sometimes speaks louder than the cost. As a mortgage broker, I do the best I can to secure best mortgage rate and mortgage terms in general. I am proud to say that my customers were able to get the larger mortgage they needed to pay out their debts, but their new payment was still lower than the mortgage we got rid of.
If you know someone struggling with monthly payments, but still has equity to spare in their property, encourage them to speak to their local mortgage broker. In Kamloops and the interior, please give me a call at 250 682 6077 or email at stevebucher@invis.ca
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