The great majority of us are in mortgage contracts that contain a prepayment privilege of some sort. “Privilege” being the key word here. Not all mortgage contracts contain such privileges, but that’s a story for another day.
The mortgages that do allow prepayment privileges, usually allow at least 15% of your mortgage to be paid down, interest and penalty free, each year. On a $300,000 mortgage, that is $45,000 that you’re able to put directly towards your principle balance. That’s more than enough for the average Canadian, based on our saving habits.
But how many of you are actually taking advantage of even a portion of your prepayment privilege? For those of you who didn’t raise your hand, what are you waiting for?!
For Full Details Visit Link: https://dominionlending.ca/news/now-is-the-time-to-get-aggressive/
Brought To You By:
Dave, Cindy and Amanda Walker
The Walker Real Estate Team
19 Year Emerald Medallion Members
HomeLife Benchmark Realty
#1 1920 152 Street
South Surrey, B.C. V4A 4N6
604-889-5004 or info@WalkerRealEstate.ca
Kimberly Walker, Mortgage Broker
Cindy Walker, Licensed Assistant
14 Years Mortgage Experience
Dominion Lending Centers
Valley Specialists
#111 20434 64 Avenue
Langley, B.C. V2Y 1N4
604-889-5004 or cindywalker@shaw.ca
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