One of our lenders, First National Financial, has provided us with a breakdown of how to read their statement. However, what does the information really mean to your everyday life?
It is a black and white illustration of how much your mortgage is costing you for the year and how much you have paid it down. It will also outline your prepayment privileges. These are great opportunities to pay down your mortgage even faster.
Contact us today to review the statement and work with you to achieve your financial goals. If cash flow is tight and you are carrying other high interest debt, such as credit cards, it might make sense to refinance your mortgage and consolidate all of your debts into one monthly payment at a much lower interest rate. This could free up your monthly cash flow for other things like saving for a badly needed vacation or your child's education.