How Even a Tiny Interest Rate Reduction Can Save You Thousands

When you’re buying a home or refinancing, the interest rate you get isn’t just a number—it’s the key to how much you’ll end up paying over the life of your mortgage. Even a small difference—sometimes just half a percent—can add up to thousands of dollars in savings.

At Steven Murdoch Mortgages, we’ve seen it time and time again. Clients come to us thinking a small rate change won’t matter much… until we run the numbers and show them how big the impact really is.

The Big Impact of Small Differences

For example, on a $420,000 mortgage over 30 years:

• Lowering your interest rate by 1% can save you around $85,000 in interest over the life of your loan.

• Even a 0.5% reduction can mean tens of thousands in savings and hundreds back in your pocket every year.

Why It Matters

A lower interest rate means:

• Smaller monthly payments – Less stress on your budget.

• Lower total interest costs – More of your money goes toward your home, not the bank.

When rates shift, even slightly, that’s an opportunity to save. And our team knows exactly how to help you take advantage of it.

How We Help You Get the Best Rate

Our job is to do the shopping for you. We work with a wide network of lenders—big banks, credit unions, and alternative options—to find the most competitive rates available for your situation. We don’t just look at the headline number; we make sure the terms, penalties, and features fit your long-term goals.

Let’s Talk Numbers

If you’re wondering how much you could save with a better rate, let’s find out. Whether you’re buying your first home, renewing, or refinancing, the Steven Murdoch Mortgages team will work to get you the best possible deal—so you can keep more of your money where it belongs: with you.