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The Canadian Mortgage Show
Welcome to The Canadian Mortgage Show, where we cut through the noise to bring you straight facts on mortgages and real estate in Canada. Focused on BC with a national perspective, we feature expert guests and real insights. Tune in for no-nonsense advice and answers to your questions!
The Canadian Mortgage Show
Episode 43: How to Beat the Bank at Their Own Game and Pay Off Your Mortgage Faster
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Season 1
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Episode 43
In this episode, Alex Pang and Alex Shanks break down offset mortgages—a financial tool that could help you save thousands in interest and pay off your mortgage years ahead of schedule. But it's not for everyone...
Here’s what you’ll learn:
- What is an Offset Mortgage? How it works and how it compares to traditional mortgage + HELOC products
- Who Should Consider This Strategy? Ideal profiles for maximizing this mortgage setup
- How the Interest Really Works: Breaking down the mechanics of offsetting interest with your cash flow
- Pros and Cons:
- Save thousands in interest
- Pay off your mortgage faster
- BUT: It only works if you’re disciplined with your spending
- The Best Offset Mortgage Products in Canada:
- Manulife One
- National Bank All-In-One
- vs. Traditional setups like RBC Homeline, BMO Readiline, Scotia STEP, TD Flexline, CIBC Home Power Plan
- Red Flags: Why some people actually pay more over time despite using this setup
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