CTV News - Mortgage Minute November 5
Ottawa Mortgage Broker Frank Napolitano stops by CTV to talk mortgage rates.
Click here for the full video.
Whether you're renewing, refinancing or applying for a brand new mortgage, the importance of negotiating your mortgage rate cannot be overstated. In this week's Mortgage Minute, Frank Napolitano of Mortgage Brokers Ottawa discusses negotiating your rate.
For home owners who are renewing after 5 years with a mortgage rate of 4.99%, an offer of 3.89% from their lender will seem like a great deal. However, Frank cautions against taking the first offer that comes along. Negotiating your rate, or consulting a Mortgage Broker to do it for you, can save you thousands of dollars over the period of your mortgage.
Frank also takes some time to talk about paying your mortgage off faster. One of many easy ways to do this is to keep your monthly payment the same when you renew at a lower rate.
Talk to an Ottawa Mortgage Broker to discuss your options.