Episode 30

30 - The Pros and Cons of Switching Mortgage

Episode Summary

In this episode of Get Real Wealthy Season 2, Quentin weighs out the pros and cons of staying or switching your mortgage.

Quentin says that some people think interest rates are the only thing you should look at, but terms are just as important when deciding whether you should stay or switch on a mortgage. Terms and conditions are not limited to the timeframe but also things like prepayment penalties, etc. He adds that another thing to think about is the current rate versus the new rate and what are the potential savings. You also have to look at the interest savings over the mortgage term. So it's not just the interest savings based on the month.

He further adds that you want to know also what the mortgage balance will be at the end of the term with or without switching. This will help you make comparisons. Look at both the cost over the near term and the cost of breaking your mortgage and savings when making that comparison.

In conclusion, he says that there are a lot of factors that you need to take into consideration when you are pondering over the idea of staying or switching your mortgage.

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About the Podcast

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Get Real Wealthy
A Real Estate Investers Journey

About your host

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Quentin DSouza

Quentin D’Souza is a multiple award winning Real Estate Investor, and a trusted authority on real estate investing. He is an Ontario Certified Teacher and holds two university degrees, which includes a Master’s in Education. Quentin has appeared on local and national television and radio, interviewed in national publications, and has been a keynote speaker to large audiences of real estate investors. He owns a real estate portfolio in excess of $80 million dollars of assets under management across Canada and the US and transacted on 80+ properties since 2004. Quentin is the author of several books available on Amazon. He is also mentors real estate investors as the Chief Education Officer of the Education for Canadian Real Estate Investors and Durham Real Estate Investors Club.