Gaurav Sabharwal Remax Specialist Realty Inc

Gaurav Sabharwal Remax Specialist Realty Inc Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from Gaurav Sabharwal Remax Specialist Realty Inc, Estate agent, 490 Bramalea Road #400, Brampton, ON.

04/28/2012

Most Canadians really don’t fully understand how mortgages work. It seems like the only aspect of a mortgage they can relate to is the interest rate and that’s basically for two reasons. First is they believe the interest rate is the most important factor in determining the amount of interest they will pay, which is not true. Secondly Canadians have been told to find a mortgage with the lowest rate. Interest rates obviously have a bearing on the amount of interest you pay, however the frequency of your mortgage payments are far more significant.

Example: A $300,000 mortgage amortized over 30 years and a payment of $1,300 would cost $168,148 in interest over the life of the mortgage. The same $300,000 with biweekly accelerated payment of only $750 would cost only $114,230 in interest and be paid in full almost 9 years sooner. That’s an interest savings of $53,900 and not to mention the 9 years worth of mortgage payments that won’t be spent. Both these mortgages are drastically different in every respect except the interest rate (3.24%).

As you can see there is a lot more to mortgages than interest rate. Taking steps to pay off your mortgage sooner especially during these times of low interest rates only make sense. Your mortgage is as unique as you are and being informed and knowledgeable about your mortgage is the only way to ensure you make the right choices.

Address

490 Bramalea Road #400
Brampton, ON
L6T0G1

Telephone

+16472729971

Website

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