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Next Bank of Canada Meeting
June 5th, 2012

Special conditions apply

Mortgage Rates subject to change.

Special conditions apply
Mortgage Rates subject to change.

Refinancing early while stuck in Montreal

Refinancing early while stuck in Montreal

Refinancing early is simply a numbers game; sometimes it works and sometimes it doesn’t. Recently while on a train with my wife and some good friends travelling from Ottawa to Montreal, I ran some numbers. We typically re-evaluate our client’s files about one to three times a year to see if there is anything we can do to service our clients better and save them money. Here’s what I came up with: If you have a variable mortgage at Prime – 0.20% or higher (at Prime or Prime +), it is in your best interest to call us at 604 628 5040 ASAP. We have a strategy to restructure your mortgage and provide HUGE interest rate savings. Our average mortgage is about $330,000. So if you are our average client, we would be able to save you over $7,023.20 after your estimated penalty!

So back to my Montreal story; after enjoying a few days in Montreal we had to head home. We went out Friday night in Montreal to go stir up some trouble. I decided to put my card holder (with my ID and cards) in my wife’s purse. I hate having things in my pockets. Though this seemed like a great idea at the time, she forgets to take it out the next morning and I forget to ask her too. Here’s where things become entertaining. She was going to Kelowna to work for a week; I was going home to Vancouver. Her flight was three hours before mine, we weren’t flying together.

It’s about 11:00 AM Saturday; I am in the taxi and about to arrive at the airport when I notice that I don’t have any ID, money, debit or credit cards. Now what? Mr. taxi driver is now not so friendly when he figures out that I have no money. Quickly I remember that a friend gave me $120 the night before in cash and I still had that in my bag. After this episode, I figure out the hard way that people aren’t legally allowed to travel without ID in Canada. Of course they aren’t, what was I thinking trying to bride a Westjet employee? Just kidding, I didn’t actually get that far. Now I have to get the taxi driver to take me back to the hotel but wait, I already checked out and the hotel was under the wife’s name. They won’t let me back in, they don’t know who I am. This is turning out to be a rough morning.

Thankfully I discover two good friends are still in town that end up saving the day, or should I say the next three days. Not only does it take until Tuesday (3 nights) to ship my stuff from Kelowna to Montreal, I can’t accept wired money transfers or withdrawal money from the bank. I can’t even accept the shipment with my ID, without ID. Nick and Bali come to the rescue, lend me $500 and let me stay in their 5 start hotel. It wasn’t that bad after all.

I recall the night before thinking to myself; I wish I could stay for another few more days.

The moral of the story is; be careful what I wish for and refinance early if it makes sense!

Cheers,

JJ