Toronto, Ontario (PRWEB) April 29, 2013
CTO of leading Canadian mortgage firm Syndicate Mortgages and mortgage expert Marcus Arkan shares his insight on a recent poll by Scotiabank. According to Mr. Arkan, homeowners who opt to pay off their mortgages sooner will not have any effect on their savings.
Mr. Arkan quotes Scotiabank’s Mortgage Landscape study which determines 67% of the population’s agreement on the fact. According to the mortgage expert, “Most homeowners think that adding a large portion of their savings to pay off their mortgages is their only option. What they do not realize that small payments at intervals will work just as well, if not better. Even a $20 weekly payment can impact a large payment over the years.”
Mr. Arkan also adds that such initiatives can also lead to real savings since they save homeowners a lot in interest payments and help them pay off their mortgages sooner. Mortgages that are 20 to 30 years old can add up to a considerable amount of savings.
The data that was gathered from Scotiabank was based on a 1000 completed surveys that were in turn collected from random panel members across the country. According to a recent post by the mortgage expert, homeowners who pay off their mortgages sooner fare better than those who don’t. Mr Arkan explains that a standard mortgage payment plan would take a homeowner 30 years to repay a loan. This is why most people are beginning to opt for fortnightly payment plans since such a plan would only take a homeowner 25 years and 9 months to pay off. This equals a total of 4 years and 9 months in savings which, according to the CTO of Syndicate Mortgages, is a considerable amount.
Mr. Arkan concludes his analysis by stating that it is in an owner’s best interests to pay off loans fast, something that can also be achieved without fortnightly payments. For example, home owners can also save money by refinancing their mortgages. The mortgage expert adds that this would also allow owners to pay off shorter mortgages quickly. Mr. Arkan emphasizes that refinancing mortgages through lower mortgage rates will also help an owner’s financial situation. Owners can also use other means like inheritances, tax refunds and bonuses to accelerate bi-weekly payments.
About Syndicate Mortgages
Syndicate Mortgages is a leading Canadian based mortgage firm that partners with major banks, trust companies, private funds and lenders in order to service mortgage owners. The mortgage firm works with over 70 mortgage lenders in order to help its clients find mortgage rates that suit them the best. Syndicate Mortgages has several branches across Canada.
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