When I bought my place, I bought it on the condition that I would assume the previous owner’s mortgage. While most people prefer to arrange their own mortgages, an assumed mortgage actually worked in my favor. This was due to the fact that the assumed mortgage interest rate was much lower than mortgage interest rates when I bought the place.
There are many different types of mortgages out there, such as adverse credit remortgages. When your mortgage comes up for renewal, you should always shop around and compare mortgages.
It’s only been a year, but since my mortgage was negotiated nearly 5 years ago it is coming up for renewal. I had a basic understanding of how mortgage’s worked but it’s amazing to see how much it actually costs to borrow money. For example, if I keep my monthly payments around the same as I am paying now, it will take me about 17 years to pay off my mortgage. However, if I was to double my payments it will only take me 6 years to pay off my mortgage. Sounds pretty good right? Well not only will I pay off my mortgage that much faster, I’ll save enough in interest to purchase a new car, such as a Honda Civic! Not everyone can afford to double their payments, and I may not always be able to do it either but if I can it will definitely pay off in the long run.
My name is Michael McKinlay and I live in Calgary, Alberta Canada. Although I was born here, I have lived in a few other places in Western Canada such as, Saskatoon, Regina, Medicine Hat, and Edmonton. I also spent time in Hong Kong and Japan. [
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