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Scenario:

Client has an impending mortgage renewal with an increase in interest rate from 2.58% to 7.09% plus considerable high interest debt.

Without Refinance:

·  Mortgage of $338,000

·  Existing lender offered, 2 year fixed, 30 yr amortization 7.09%

·  Monthly mortgage payment $240...

For many Canadians in the past, receiving a mortgage renewal letter was an important milestone in their homeownership journey. A mortgage renewal provides an opportunity to reassess your financial situation, explore better options, and potentially save money. With household debt on the rise and inte...