Dan Patton from BM Select dropped in to explain all the options available to lower mortgage payments & free up cash flow with interest rates rising. If you have just one mortgage, let alone multiple mortgages, you DO NOT want to miss this conversation. Here’s just a taste of what Dan covered:
• The reason some people’s mortgage payments are staying the same even with rising rates
• ‘Trigger Rate’ 101 - what it means, why you need to know about it, how to easily calculate it & 3 options if you hit it!
• Little-known options to lower monthly debt payments and how to do it (including extending amortizations, skipping mortgage payments and restructuring your total debt!)
• Why choosing a mortgage with more options can trump a mortgage with lower rates
• Why you have to pay a penalty to break your mortgage and how to determine the cost of doing so
•The importance of sitting down with a financial planner to restructure your entire portfolio and free up cash flow
The information shared by Dan in this video is timely and relevant. Understanding how to lower your monthly payments and free up cash flow could be super important for you as rates have gone up!