Has your bank ever called you in the middle of your mortgage term with an opportunity that will save you money? Most likely not, they know you are under contract, and their goal is to make as much money off you as possible.
Something called rate insurance could help reduce your stress levels as it relates to our current high rates.
Throughout the year, there are rate specials from banks and lenders that I work with. I watch these very closely to see if there is an opportunity for my current clients to save money. If there is, I picking up the phone and email them immediately to discuss the potential to save thousands and thousands of dollars on their current mortgage. Even if it there is a penalty to break your mortgage, if you are coming out ahead, then it could be worth it. Ultimately, it’s up to the client to decide but who doesn’t like the idea of saving money on their mortgage?
The benefit of being an independent mortgage agent is that we’re not tied to a particular lender. So, if there is an opportunity to save someone money, I’ll suggest it to my clients.
If you have any questions about rate insurance or mortgage questions in general, then feel free to reach out.