When Sue and John were talking to their long-time friends Jim and Heather, the subject of mortgages came up. Five years ago, the Guelph couple purchased their first homewith financing from one of the major banks and had just recently received their renewal notice. They were young people with kids and typically hadsome consumer debt. Jim and Heather had dealt with us before and told their friends to call us because they found out firsthand how we save people money . They called us telling us the bank was offering them a five year posted (full market) rate at 5.19%. The renewal notice was very confusing as was the whole document they received. If their friends had not alerted them to our services they would have signed their renewal at 5.19 % thinking it was an OK rate.
It didn’t make sense for Sue and John to simply renew, let alone at a 5.19 % mortgage because they also had $26,000 in consumer debt at high interest rates. We were able to refinance them at 3.44%. They would have paid the bank a total of $60,794 interest over the next 5 years versus $39,879 with our mortgage. In addition, with our lower rate, they will have a principal balance of $6,462 less than the banks’ offer for a total mortgage related savings of $27,377. That is a year’s salary for a lot of people. Not only that but their credit card payments of $674 per month were gone saving them an extra $40,440 in interest. Our solution just added the equivalent of $67,817 to Sue & John’s pockets.
We see it everyday, homeowners paying way more than they need to.Over 80% of Canadians accept bank renewal offers. No wonder why the banks continue to make excessive profits during hard times.
Call us when you get your next renewal offer. We’ll put a big smile on your face.We look after your interest(s) pun intended. Our team will save you aggravation, time, and most importantly money. And best of all there is no cost for our service, OAC. Call us anytime, our office hours are 8 am to 8 pm Monday to Thursday, after hours and weekends by appointment.