When you secured your mortgage, you probably agreed to certain terms such as an interest rate, a timeline, and an amortization schedule. But life changes. Rates change. And sometimes, you might be able to get a deal that works better for you. At Luminus Financial, we want to help make sure your mortgage continues to serve you well. If you’re curious, here are two things that could make a big difference, and why it’s worth picking up the phone.
What is Extended Amortization, and how can it help?
Amortization means how long it will take to pay off your mortgage in full, based on your payments. An extended amortization means lengthening that timeline, which can reduce your monthly payments (making life a bit easier if cash flow is tight). Extending amortization means more interest over time, so there are trade-offs in benefits.
But for many members, especially in times of rising living costs or income pressures, extending the amortization can provide breathing room. It might also be a short-term strategy to help manage cash flow, or to free up funds for other priorities (home repairs, debt consolidation, etc.).
Better than what’s listed? Yes, we may be able to offer you more!
The rates we list on our website are among our best offers, but they’re not necessarily the final word for everyone. Your individual circumstances (credit health, equity, loan amount, amortization, payment frequency, etc.) can affect what rate we can offer you.
What that means: Even if you see a rate listed, you might qualify for something slightly better once we chat with you!
Why reach out? What to expect from a call with us
When you get in touch, we’ll review your mortgage and see whether adjusting your amortization makes sense, or whether refinancing or renegotiating might lead to lower payments or a better rate. You can expect the following on this call:
- We’ll walk you through the trade-offs openly: shorter vs. longer amortization, interest costs vs monthly savings, etc.
- We’ll work together to tailor what makes sense for you, because everyone’s goals are different (paying off quickly, lowering monthly payments, balancing other expenses, etc.).
What you can do now
- Gather your mortgage details: current rate, amortization length, payment schedule, balance remaining.
- Call us (or drop by): Let’s talk through what you see, and what you want to achieve.
- Ask: Is there a rate better than what I see online? What would extended amortization look like for me?
At Luminus, we believe in member-first service. If your mortgage payments are feeling heavy, or if you just want to ensure you’re getting the best deal possible, you don’t have to accept “list rates” as being set in stone. Call us. Let’s explore your options together! We may be able to offer you a better rate than what’s listed or adjust your terms to make payments easier. Because banking (and mortgages) should work for you, not the other way around.
