mortgage broker of Beyer Mortgage Services, 2015 is the perfect opportunity to perform a “mortgage check-up”.
Paul Macara says he always encourages his clients to revisit their mortgages annually to help them take advantage of prepayment privileges and maximize mortgage principal reduction.
He adds that high-interest debt can be transferred to a lower rate which will allow families to boost cash flow and save more.
“Many of our trusted lenders offer fantastic prepayment privileges,” Macara said. “Many products allow you to prepay up to 15% to 20% of your original mortgage balance every year on any of your regular payment dates. This payment is applied directly towards your principal and helps you become mortgage-free sooner.”
He also gives an all-year advice: pay mortgages weekly or bi-weekly, instead of a monthly basis to save “thousands”.
Moreover, Macara said first homebuyers could also take advantage of the $5,000 non-refundable Home Buyer Tax Credit amount, which provides up to $750 in federal tax relief.
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