Let's put .2% interest rate savings on a mortgage into perspective in your daily life. Here's how it breaks down.
On a $300,000 mortgage, you will keep $30 per month in your bank account and not in an account owned by your bank. That's $1,800 after tax dollars over a 5 year term. Often that is enough savings to pay for life insurance on the mortgage, which is unfortunately often the first cost cut due to the financial pressures of being a home owner.
Another way of looking at this the value in pursuing a lower rate and saving $1,800 is like sending yourself on a free vacation. $30/month into a vacation fund. If for some reason you have a household emergency, this extra money will come in handy. I am pretty easy to talk to. :)
Contact me for a second opinion on your mortgage even if you have been pre-approved at your bank or have a mortgage coming up for renewal. Nothing to lose, possibly lots to gain.
Please share this with anyone you feel could use a free mortgage consult.