August 16, 2018

Mortgages Are Incredibly Personal!

Mortgages are incredibly personal and it is important to do your research and know what suits your income level and your lifestyle.  You need to know your pre-payment options with the goal to be able to exercise these options to reduce your mortgage.

Within the mortgage industry, there are 2 groups of people that determine what interest term they will select.  Group 1 takes a keen interest in following what is happening in the industry, the economy, the bond market, the world market and it’s impact on our economy.  The second group selects what they think is the right term but have other priorities in life and deal with i.e. the rate renewal on an as needed basis.

I have clients that only take variable rate mortgages but make their payments based on 5 year interest rates and are able to pay a substantial amount off the principal, hence they are always ahead of the game and rates don’t become the most important factor.

I also have clients that feel the most important aspect is to know exactly what they will be paying for the next 5-10 years so they can effectively plan and budget.  You need to know your capability to be able to make the payments.  There is no point in making higher payments or pre-payments on your mortgage if you have to incur outside debts to pay down your mortgage.

Whatever your needs or motivation, obtain all the pertinent information to help you decide which mortgage term is right for you and your family.  Obtain all the options from someone you trust and respect so you can make an informed decision.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  or call 416-459-2406