We have what I think is a big mortgage. We live in Christchurch where the cost of housing has increased since the earthquakes and we bought our home (our first home) 3 years ago. We used a mortgage broker and thought we were getting the best deal possible on our interest rate. The mortgage broker was very helpful in sorting out our mortgage for us but of course they are paid by the banks who want to ensure they make a profit!
We borrowed as much as we could when we bought our house and we have increased our mortgage since then (with the value of our home going up) in order to do some renovations (second bathroom, we currently have one bathroom and 9 people in our home).
Last year we went to the Christchurch Home Show to get some home renovation ideas. We passed by a booth run by Equitus and were ‘accosted’ by Linda who asked us if we had a mortgage and if we’d like to save money on our mortgage. We both laughed and said we didn’t think that was possible, we stuck to a strict budget and were paying as much as we could afford to our mortgage as well as having good interest rates. Linda said she thought it was possible that Equitus could help us to pay off our mortgage much more quickly than we we agreed that Linda could contact us and tell us more about what Equitus could do for us.
The rest of the home show was unfortunately a waste of time for us. We felt that it was a waste of $20 and our afternoon, although we did joke that ‘if this Equitus is not a scam is could be the best $20 we’ve ever spent’.
Several months later we met with Equitus (still believing that ‘if something sounds too good to be true it usually is’) and agreed to look into it further after Linda told us she could cut years off our mortgage and over $100,000 in repayments.
Without having to increase our mortgage repayments at all and without having to increase savings or change anything to do with our finances (except for increasing our credit card limit) our mortgage will be paid off within 10-15 years instead of 25-30 years. It is all about how our mortgage is structured and off-setting interest.
We decided to take up the services of Equitus and they arranged for our mortgage to be restructured (this will happen regularly) and they are working with us to help us pay off our mortgage as quickly as possible (for our family).
Equitus work for us, not the bank or anyone else so obviously have our best interests at heart. This means that we pay Equitus a fee, but it is very minimal considering the amount of money we will save with their help. We could not have done it without them. Kris had researched methods for paying off mortgages more quickly but wasn’t able to figure it out.
Our mortgage is still through our bank so we are not putting all our money into Equitus hands, and since they are paid by us they have our best interests at heart, rather than the bank’s interests.
If you have a mortgage and would like to look into ways to pay it off more quickly and saving yourself a lot of money, I would highly recommend them. We are so excited at the possibilities that have opened up for us because of this. We will be in our 40’s instead of our 50’s or 60’s when we pay off our mortgage!
Check out the Equitus website for more info. Linda from Equitus says, “We offer people a free consultation and a free analysis of their mortgage facts so that they make a fair comparison between these and what a restructure would look like. If people opt for what we provide, our service objective is to monitor the mortgage maths, manage the mortgage exiting planning through time and circumstance and mentor our client’s success.”
Equitus have a referral bonus ($200 in petrol or grocery vouchers) which we would receive when someone we’ve referred to them becomes a client.. Please give our names when you get in touch with them (Kris and Louise Morrison) so we get this bonus! It’s not much but would be a lovely boost for us. If you’d rather we pass on your details to them and have them contact you please let me know. Ultimately though I am not sharing this so we get a bonus, it is because I am so excited at the savings we are going to make, how much more quickly we will pay off our mortgage and the fact that we have so much more control over our finances and future and I’d love to see more people making their mortgages work better for them.
Disclaimer: I was not asked to write this post, nor am I being paid by Equitus for writing this. This is simply me sharing what we’ve found to be an excellent company who are going to save us over $100,000.