Now’s the time to take advantage of rates as low as 6.25%

From rising costs to economic uncertainty, everyone is feeling the financial pinch these days. Looking for a way to lower your monthly expenses and save some money? Moving your mortgage to Bermuda Commercial Bank is the difference your bottom line needs.

Here are the top five reasons you should switch your mortgage to BCB today.

1.The time is now

While the time is always right when it comes to saving money, the current economic climate makes it a priority now more than ever.

Interest rates are rising. That means homeowners with mortgages up for renewal that were previously at low fixed rates may be facing significantly higher variable rates. For example, many 5.5% fixed rate mortgages are increasing, or have already increased, to 10% variable rate mortgages – resulting in substantially higher monthly payments.

These increased rates can also lead to balloon payments – unexpected outstanding balances at the end of your mortgage term. Many homeowners don’t even realise they could be responsible for this large lump sum payment when their mortgage matures. Even worse, the payment usually comes due at a time when they’re approaching retirement and have less disposable income.

Opt for certainty: Switch your mortgage now and avoid this unwelcome payment at maturity.

2.Low, low rates – and no surprises

Move your mortgage to BCB and benefit from our highly competitive 6.25% rate – much lower than the 8%, 9% and 10% rates some Bermudians are currently paying.

Lowering the amount you pay in monthly interest will make a significant difference to your bottom line. Consider these examples.

Let’s say you have 15 years left on your $500,000 mortgage:

•If you’re currently paying 8% and switch to a BCB mortgage at 6.25%, you’ll save

◦approximately $6,000 per year

◦approximately $90,000 over 15 years

•If you’re currently paying 9% and switch to a BCB mortgage at 6.25%, you’ll save

◦approximately $9,500 per year

◦approximately $141,000 over 15 years

In addition to lower interest payments and the substantial savings, when you move your mortgage to BCB, you can rest assured that your mortgage will be repaid by the end of your term – you won’t be surprised with an unexpected balloon payment at maturity.

3.Switching couldn’t be easier

With our streamlined loan application process, switching your mortgage to BCB is simple and straightforward. After using the refinancing calculator on our website (bcb.bm/mortgages) to determine how much you can save, you can complete our loan application online and upload the required supporting documentation, such as bank statements and pay stubs, from the comfort of your home. The whole process can take as little as 15 minutes.

Our lending team will review the application – and hopefully approve it. Once it’s approved and you have signed a loan agreement, you simply need to contact your current lender to let them know you’re switching and BCB will do the rest of the work to arrange the transfer.

From application to completion, the entire process will take between 90 and 120 days – mainly because most lenders require 90 days’ notice before you can pay off your existing mortgage. One more reason to get the process started as soon as possible!

4.Save on fees

In addition to making the switching process hassle-free, BCB works hard to ensure there are no hidden fees or extra costs associated with moving your mortgage. For instance, for the next two months, we are waiving the standard 1% bank fee so mortgage holders can save even more. If the circumstances allow, we’re also including closing costs, such as legal fees, in the mortgage. In addition, the Government of Bermuda has waived the stamp duty costs for any mortgage amount under $1 million – just one more way you’ll save.

5.BCB is your friendly neighbourhood bank

BCB is a local bank that was established in Bermuda over 50 years ago. Today, our offices are located on Bermudiana Road and we have approximately 70 employees. While we’ve earned a reputation for our competitive rates on deposit products, over the past four years, we’ve expanded into lending. Our goal? We want to help locals achieve their home ownership dreams by making it easier and more affordable to buy residential properties in Bermuda.

Our team has a deep understanding of the local market and our customer-centric approach means we are consistently focused on putting people first. We pride ourselves on being knowledgeable, available and responsive. And that means you get the expert guidance you need to navigate the mortgage process and make your home ownership dreams a reality.

Want to learn more or begin the refinancing process? A good place to start is your existing mortgage: What’s the balance? Your monthly payments? Interest rate? How many years do you have left to pay? When you’ve gathered all those details, visit our website at bcb.bm/mortgages and use our refinancing calculator to find out how much you can save by switching to BCB. The last step will be to fill out the online loan application.

If you need more information or have any questions, do not hesitate to reach out to the BCB team at lending@bcb.bm.

This column is a paid-for advertorial for Bermuda Commercial Bank Inc. BCB is located at 34 Bermudiana Rd, Hamilton HM 11, Bermuda. Can be also be found at bcb.bm