23 Oct 2015
Mortgages are boring (yawn), but you still need to deal with them every year!
I have heard from many people that mortgages are boring. I completely agree! If I was building a rocket or a doctor saving a life, that would be exciting. But I don’t build rockets and I’m not a doctor. I just set up mortgages. They’re uneventful, and require a large amount of money you have to pay back.
Like most people, you’re probably falling asleep because it’s a topic that’s so uninteresting to so many people. Now most people love to talk real estate. That’s different. It’s rare for me to be at a party or family gathering where we’re not talking real estate. Real estate (especially Vancouver real estate) is and will continue to be a hot topic. As soon as the word “mortgage” comes up, get that full glass of wine, grab the pillows and make room on the couch cause it’s a snoozefest!
Now for being such a boring topic, it can be one of the most impactful topics in your life. It should be! It’s probably going to be the biggest debt you’re ever going to have. Why am I telling you something that you already know? Well it’s because I, as a Mortgage Broker, want you to pay off your mortgage as fast as you can. I’m not a bank so I don’t want you to pay as much interest as possible. I don’t want you to unknowingly take more money out of your pocket, your spouse’s wallet, or your child’s wallet and give it to the bank.
I want you to pay down your mortgage faster. I want you to save money. I have the knowledge and tools to do that. This is where the exciting part comes in. What if you paid your mortgage off five years sooner or ten years sooner? Think about all of the stress of having a mortgage just vanish. You can buy more things, go on more trips, etc. Now that’s exciting!
This is important as, just like in any financial plan, you should talk to your Mortgage Broker at least every year to see if your mortgage is still on the right path or if we need to make tweaks to it. The information that we provide is completely unbiased as we’re not tied in to any one bank or lender. Life changes. Families grow and families shrink. There are good times and bad times. We want to minimize those financial impacts and we can.
So no matter what, have a DLC Mortgage Broker go over the “boring” part of your finances annually. You may prefer to watch the grass grow but just an hour a year (did I mention that this service is free?) with your DLC Mortgage Broker can save you thousands of dollars and help get rid of that mortgage faster.