News from Canada's Mortgage Experts

At MonsterMortgage.ca we have helped many clients save $1000s through breaking their mortgage.

When selecting a mortgage broker, the mortgage broker should be able to accurately analyze the benefits of breaking your mortgage over keeping your existing mortgage and whether breaking your mortgage provides value to you.

Here are some key factors that make MonsterMortgage.ca an excellent choice as a mortgage broker over your typical bank when choosing to break your mortgage:

1. Always be loyal to yourself NOT your bank

It never ceases to amaze the MonsterMortgage.ca team how often clients will sign off on a mortgage contract or renew their mortgage with their bank out of a sense of loyalty. Your bank will not hesitate to make as much money as possible off you, so why do they deserve your loyalty?

Consider other offers from other banks and lenders! A mortgage broker can make lenders compete for your dollars if you choose to break your mortgage.

1. People pay down their mortgage and bad debts with after tax dollars A quality mortgage broker should recognize this and make you aware; if your mortgage payment is $1000 per/month, you must consider how much money you net after taxes, not just your gross pay.

Sometimes you may need to make up to 50% more in order to make that mortgage payment consistently...remember you must first pay income tax before you can start to pay anything else.

This MonsterMortgage.ca video blog is a prime example of a client who took this advice to heart and went to a mortgage broker to do something about it. As a result, by breaking his existing mortgage, he is contributing $34,000 over the next five years to his bottom line and not his bank's.

...What would you do with an extra $34,000?

For a free analysis on whether it pays to break your mortgage call 416.480.0234 or email me at Kristian@MonsterMortgage.ca.