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SURREY, BC, October 20, 2010 /24-7PressRelease/ -- To put this in perspective, in October 2009, a low 5-year fixed mortgage rate was 4.34%. Two years ago the 5 year fixed rate was approximately 5.70%.
Your mortgage payments would look like this:
2008 $500,000 - 35 Year amortization @ 5.70% = $2750.94
2009 $500,000 - 35 Year amortization @ 4.38% = $2304.74
2010 $500,000 - 35 year amortization @ 3.34% = $2020.37
A total savings of $730.57 per month or $43,834.20 for the 5 year term!
With these low rates, now is a great time to consider refinancing your mortgage.
If you need a mortgage over $500,000 you will save even more with this incredibly low rate. If your mortgage is under $500,000, you will still save with a 5 year fixed mortgage rate of 3.44%. If you would like to run some scenarios, contact Dreyer Group Mortgages. Doing some calculations will only take a minute and save thousands.
www.dreyermortgages.ca, toll-free throughout BC at 1-800-687-9020.
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