Talking more about your mortgage questions!
In this video, Chris Molder, a Toronto mortgage broker, sits down to review the MCC Home Center App and how you can use it to help you decide whether a refinance is right for you.
How to determine if a refinance is right for you – Reviewing the MCC Home Centre App
Don’t feel like watching? Find the full transcript below!
Download the MCC Home Center App here!
Not sure if a refinance is right for you? This video is for you!
How to determine whether a refinance makes sense?
Chris: [00:00:00] There is one question that I had been asked more than any other since the pandemic began, and that question is, can I refinance my mortgage to take advantage of these lower rates? Truth be told, it was the least favourite part of my job over the last 12 months because the math involved to answer that question is quite complex.
You have to know what the penalty is to break your current mortgage, determine what the differential is, and do some math and make some assumptions to figure out what the interest savings are. But all of that has finally changed. And that’s because we can now use technology right here in the palm of our hands. Using our home center app. You have all the tools to make this calculation. And I cannot wait for the next person to ask me whether they can refinance their mortgage to save money.
There’s an app for that!
Let’s take a look at the app together. So with the mortgage center, we’ve developed this home center app, which is an amazing tool. And if you haven’t downloaded it already, I recommend you do. It’s got all kinds of really cool calculators, including purchase calculators, pre-qualification, stress test, land transfer, tax, closing costs, side by side comparison. Lots of really great things that you can take advantage of. But the focus right now is on this refinance analyzer.
Chris: [00:01:25] And so I’ve created a scenario here for Mr. Brad Pitt. I’ve included some information about his mortgage, what his current payments are, maturity date and an assumed penalty. And what the app does is it spits out total savings or if you’re not saving any money, it will also come out as red and it’ll tell you how many months before you break even what your new payments are and what you stand to gain.
And the cool thing is what I’m most excited about is that you can then export this beautiful PDF, which has all these great infographics to really drill down into the numbers and answer a lot of great a lot of questions for you. So if you can’t tell already, I am super excited to have access to this tool and offer it to my clients. It’s completely free.
Chris: [00:02:19] I will include a link to the download. You just download it from the App Store and away you go. If you have any questions about how to set it up or how to drill down into any of these numbers. The door is always open to you. My name is Chris Molder. I’m a Toronto mortgage broker and I look forward to seeing you next time. Bye for now.
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