At Robert Floris’ Mortgage Architects office in Hamilton we realize the world is being greatly affected by technology.

The mortgage industry is no different.

Years ago we met wonderful families where we developed great plans to manage the money and pay the debt with simple and effective methods. Our thought process was quite simple. Have clients focus on amortization and keeping out of debt.

As an example if your mortgage payments is $1000 per month and it is amortized over 25 years, just having one year less saves $12,000. To our clients who applied this method, we have received amazing thank yous. We love teaching what banks will not.

Today the mortgage market has changed. It is very easy to go online and see very attractive rates. Is this good? Sure it is.. We have the same rates, but like someone once said, they know the price of everything and the value of nothing.

Many of these mortgages have limitations and restrictions such as:

• time sensitive (must take the rate within 30 days)
• down payment sensitive (only apply to high ratio mortgages)
• no rental properties
• no frills – no prepayment allowed
• large penalties if paid out early
• no financial advice

As consumers you must know to manage the biggest debt of your life. As technology expands, you owe it to yourself to become the most informed as possible as well with the best rate.