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Refinancing Could Save You $1,000’s

Blog by Wes Morrow | November 18th, 2016

I know there are a lot of people out there that are pretty comfortable with their mortgage. The banks send you a renewal notice and it’s easy to just keep making the payments. Most people don’t even check the rate to make sure it’s competitive. The last renewal I had, the bank sent me a notice saying their ‘competitive’ rate was 4%. At the time, 3.19% was the going rate. I’m glad a checked! What if I told you that even 0.1% makes a huge difference? Check out the coles notes below:

The difference between 2.14% and 2.25% (0.11%) on your interest rate will save you over $2500 on an average priced single family detached home ($502,200) and $1,400 on an average priced condo ($273,800) over a 5 year term. That is a nice trip away in the winter.

The difference on 0.25% on your interest rate will save you $5,900 on an average priced detached home and $3,200 on an average priced condo over a 5 year term.

Isn’t that worth checking your rate when it comes times to renew? Changing over your mortgage is fairly easy these days.

  1. Have a conversation with a mortgage broker. It doesn’t cost you anything.
  2. Sign some documents. Provide your bank account info.
  3. Save some money.


Sometimes the savings on the rate difference will make it worthwhile to break your mortgage and refinance. If you are close to renewal or would like a bit more information about rates and your options, give Josh Higgelke with Axiom Mortgages a call (403)461-5719. He is a guy that I know and trust to do great work.

As always, if you have any questions, don’t hesitate to get in touch with me. I would be happy to help you with your real estate needs!