Is your mortgage just a monthly payment – or is it your biggest investment?
Currently, most Canadians are unaware of how much they owe on their mortgage and how long it will take to pay it off based on their current rate. Most people don’t even know that you can exit your mortgage early or how to calculate your penalty to understand your options.
This is alarming because mortgage debt accounts for the highest percentage of household credit market debt – and for most people it is their biggest investment.
So, what can you do?
You could go to your bank and/or mortgage broker and ask a million questions and try to compare the information yourself OR you could download Monitor My Mortgage (M3) and let it do the work for you.
Monitor My Mortgage proactively searches for and sources the best mortgage rates and options and calculates your penalty for you, making it the first technology platform to offer proactive scenario planning and look out for the consumer throughout the entire term of their mortgage.
It is the first step towards a change in the mortgage industry where you, the consumer, finally comes first.
For too long we have abdicated responsibility of our mortgages to third parties with the assumptions they are looking out for us on a daily basis. It’s time to start taking things into your own hands and learning what you can do with your mortgage.
You can break your mortgage at any time if a better option is available to you. You may have pay a penalty, but M3 takes that – along with all other aspects of your mortgage – into account when comparing potential options.
This is important because rules and policies aren’t necessarily going to remain the same moving forward.
Banks and other lenders are on the move to reduce risk and changing their policies and rates to do so, making it more and more difficult to understand what options are available to renew your mortgage and when. The Monitor My Mortgage application offers you a chance to keep up and stay on top of your current mortgage and the options you have available.
Leveraging M3 as your tool to increase your mortgage visibility and options will allow your mortgage to start working for you.