What is anInterest-saving mortgage?One of the problems in the mortgage industry is the waymortgages are advertised: usually by rate. If an online ratesays 1.9%, chances are homebuyers are going tocheck it out.What many don't realize is that saving interest is what savesmoney over the long term, and that rate is only part of thestory. On a $500,000 mortgage, a rate of 0.1% lower does noteven equate to a savings of $500 a year. The right mortgagehowever can save you much more than that.Saving interest is the key to pounding down your debt andbuilding your wealth. That means that yes, we look atrate but the real savings result from the little things youdon't see with an advertised rate: like finding the rightcombination of options, privileges and payment schedulesto maximize your savings.For example, drop a few hundred dollars against your mortgage principal once in awhile and you could save thousands in interest and shave years off your mortgage.That's because if you knock down the principal even a little, every dollar you pay afterthat will go further.Mortgage contracts are full of devilish details that make winners and losers of Canadianhomebuyers. Rates are just the lure, Generally, the lower the rate, the bigger the catch.Catch yourself looking at low online rates? Time to come in for a chat; let's have aconversation about building your custom interest-saving mortgage!Staci JamesKimberly SinghMORTGAGEAMP Mortgage AgentMortgage AgentINTELLIGENCE905.864.1365905.299.8492Brokerage #10428stacijamesmortgages.comcaHO: 877.667.5483
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