Mark bought his condo about 1 year ago and in that time interest rates had dropped significantly and there was an opportunity for Mark to save.
How the savings opportunity got uncovered:
When Mark had applied through his mortgage at Approveu.ca part of the service provided is an ongoing management and notification of interest savings opportunities. A representative reached out to Mark about his current financial situation.
Interest rates had dropped by an entire percent so there was a good amount of savings for Mark. At the same time Mark still had some outstanding student loan debt that was at a high interest rate. Mark had renovated his home which had significantly increased it’s value. So we were able to refinance Mark’s home because of the renovation.
Once Mark made the decision to refinance we were able to pay out his current mortgage, and get him into a much lower interest rate mortgage, plus Mark took out some extra money to pay a bit of his student loan down which lowered his overall cost of borrowing. These changes will allow Mark to to pay off his student loans quicker and be able to pay his mortgage down faster all while saving money.
Click to see Mark’s full story ” Lawyer buys first home”