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Press Release | Canada

Press Release: Home Owners: Don't be swayed by early mortgage renewals

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If you have received a call from your bank lately offering you to lock in an early renewal of your mortgage at no charge, it may not be as good of a deal as it first appears. With economists predicting that the mortgage rates are on their way down, mortgage expert Shelley Black warns not to get caught with locking in too early - - be aware of your options.

"Many people find the mortgage process intimidating and confusing, especially during this time of economic uncertainty," said Black. "It is important that people feel empowered by knowing their options and are guided through their choices at each step."

Black & her associates are offering a new product designed to simplify mortgage pricing and allow consumers to choose their own mortgage rate. The RIGHTMortgage allows consumers to simply select the terms and privileges that fit their immediate needs and discover how those changes can impact their mortgage rates.

"This tool has saved thousands of dollars in unnecessary extras over the term of one's mortgage," said Black, who was recently voted one of Canada's top 10 Mortgage Brokers by peers and colleagues in both 2007 and 2008.

A good example of 'unecessary extras' is the pre-payment privilege, a feature built into existing mortgages where home owners can choose to pay off MORE of their mortgage every year with no charge incurred. Shelley says that while 90% of home owners have a 15% to 20% pre-payment privilege built into their mortgage, the reality is that most people will not use it. So they are essentially paying for a privilege that is not suited to their current financial situation.

With the RIGHTMortgage, Consumers can select or de-select items, components and terms within their mortgage so they can instantaneously see how it affects their overall rate and payments. "They actually choose the features they want and take any others out of the equation. Your mortgage truly becomes the one you create," said Black.


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