Call Your Calgary Mortgage Broker Today
Kevin, of Shelkor Mortgage, has been a licenced Calgary mortgage broker since 1984. Experienced in all aspects of financing including foreclosures, private funding and conventional lending. Kevin also has a BA in psychology plus a Management Certificate from the U of C. Over the many years in the industry, Kevin has served on several lender advisory boards. Also, he has served on CMHC’s advisory board plus served as a director with the Alberta Mortgage Brokers Association.
Kevin Reghenas
MORTGAGE BROKER
If you are considering purchasing a new property, Shelkor Mortgage should be your first stop. Gone are the days of charging clients fees for service. Lenders traditionally pay all brokers their remuneration so as to get the new business. With interest rates at an all-time low, Kevin can get you excellent rates. Currently, at the time of writing, he can secure 2.44% for a five-year term. (Credit & employment history apply). Mortgages today offer many variables, including terms and amortisation periods. The shorter the amortization, the quicker you will pay off your mortgage.
MORTGAGE EXAMPLE
If you have a $400,000 mortgage at 2.44% in a five-year term, 25-year amortization, you will pay $1,779.93 monthly. If you reduce the life of the mortgage by five years to a 20-year amortization, your payment will be $2,105.55. So, an additional payment of $325.62 per month to be mortgage free five years earlier. After five years, your remaining balance is $317,391.95 on a 20 year AM and $338,142.10 on a 25 year AM. You will reduce your principal amount by $20,750.15 by paying a total of $19,537.20 in higher payments on a 20 year AM. However, you now only have 15 years remaining on your mortgage.
DEBT CONSOLIDATION
Also, if you are simply trying to restructure your existing debt, Kevin can help you there. In Calgary’s current economic climate, you may simply just want to lower your monthly obligations. Many people are not aware that you can draw equity from your home to consolidate all of your debt. Credit cards are the biggest payment headache with their high rates. Lines of Credits (LOC) are usually not as bad as they usually have lower reasonable rates. If you have questions about any of the above, please feel free to contact us or fill out the attached mortgage application and scan back or fax to 403-592-2099. Thank you.