Blog Categories

Mortgage Market Updates and News

What to do, what to see? In Port Alberni, BC

Trying to cut down monthly expenses?

Posted on Nov 21, 2012 in Mortgage Market Updates and News

Mortgage rate

This is the time of year Canadians traditionally look at their finances to see where they can save money. Typically we look at our Shaw or Telus bill to see if we can cut it back by a few dollars a month, maybe we start making only minimum payments on our credit cards to get through the holiday season, etc. But are there better ways to save? This year, with interest rates at all time lows, there may be. 

For most people, their biggest monthly expense is their mortgage payment. So shouldn't that be what we look at for savings? I'm not talking about a refinance to increase amortization and pay less now, but in the long run pay more, I'm talking about dropping your interest rate to save for real. If you've had your mortgage more than 2 years, chances are you're paying more than 4% interest. Well right now, you can likely save money on a monthly basis by refinancing if you're paying more than 4% interest. 

$250,000 mortgage amortized over 35 years (which was standard a few years ago). Your monthly payment at 4% would be about $1100/month. If you were to refinance, even include a penalty, to 2.99% which is currently the best 5 year fixed rate mortgage, your monthly payment would drop to $975/month. That's $125 monthly savings, pretty substantial compared to cutting back a few options on your Shaw bill. 

Most people say now, well won't there be fees and costs for me to refinance my mortgage. In some cases yes, there will be. but it's important to fully explore the options, as many lenders have switch programs where legal and appraisal fees are covered. This would mean a rate drop, and payment decrease at no cost to you.

For more information or to explore your potential mortgage savings, call Sharie Marie Minions, Mortgage Professional with TMG The Mortgage Group Canada Inc. 

-Sharie Marie Minions 250.730.0239


I'm looking forward to connecting. Due to being in and out of meetings both for council and business, email is typically the best way to get in touch with me. If you prefer to call, that's fine as well, it just may take me slightly longer to get back to you. Texting is also welcomed.
  • TMG - The Mortgage Group Canada Inc.
    4201 Johnston Road, Port Alberni, BC, V9Y 5R2
  • Cell: 250.731.8735
  • Fax: 1.877.474.5346
  • Email:

Please feel free to use the form below to contact me.

Email has been sent!
Email could not be delivered. Please try again later!