Mortgages with Getti

Mortgages with Getti A accomplished mortgage agent with over six years of experience in mortgage underwriting and fulfillment.

02/25/2025

Let’s geek out for a minute and talk numbers! 📊 Making prepayments on your mortgage can have a HUGE impact on your financial future. Here’s an example:

Say you have a $500,000 mortgage at 5% interest with a 25-year amortization.

Your monthly payment is about $2,908.

Over 25 years, you’ll pay $372,404 in interest.

Now, let’s say you add just $100 extra per month to your payment:

You’ll save $23,000 in interest.

You’ll pay off your mortgage 2.5 years earlier.

And if you make a $5,000 lump-sum payment once a year:

You’ll save $63,000 in interest.

You’ll pay off your mortgage 6 years earlier.

Crazy, right? Even small prepayments add up over time.

Pro tip: Use a mortgage prepayment calculator (most banks have one online) to see how much you could save.

Have you crunched the numbers on prepayments? Share your results below—let’s inspire each other! 💬

02/25/2025

Let’s get real for a minute—refinancing your mortgage isn’t free. While it can be a smart financial move, there are costs you need to factor in before pulling the trigger. Here’s the breakdown:

💸 Penalty fees: If you’re breaking a fixed-rate mortgage early, the penalty can be hefty (usually the greater of 3 months’ interest or the interest rate differential). Variable rates typically have lower penalties.
💸 Appraisal fees: Your lender may require a new appraisal to determine your home’s current value.
💸 Legal fees: You’ll need a lawyer to handle the paperwork, which can cost $1,000 or more.
đź’¸ Discharge fees: Some lenders charge a fee to close out your existing mortgage.

Pro tip: Always ask your lender for a full breakdown of costs before refinancing. And don’t forget to shop around—some lenders offer cashback or incentives to cover these fees if you switch to them.

Have you been hit with unexpected refinancing costs? Share your story below—let’s help each other out! 💬

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15 Gervais Drive
Toronto, ON
M3C1Y8

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+16477610431

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