Renew your mortgage early. If your mortgage is renewing in the next 6 months, now is the time to look at locking in rates. With rates on the rise, you don’t want to wait for your bank to contact you to renew. Rates are different if you renew your mortgage or do a debt consolidation when you renew. (They’re a little higher if you do a debt consolidation). But don’t let you bank discourage you from doing that. If you feel like you’re not in a position to pay off your credit cards or lines of credit in a couple of months, then taking a slightly higher rate on your mortgage by wrapping your debts into the mortgage and then being a little more aggressive at paying down the principal on your mortgage will help you improve your family’s cash flow. You’ll feel like you have more money month-to-month and improve your credit history.
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© Sandra Lastovic is the Principal Broker with the Mortgage Centre in Guelph. With over 15 years’ experience and holds a M.Sc. from the University of Guelph. She was recently ranked at the top 75 agents in Canada by The Canadian Mortgage Professionals annual survey and 2017 Most Influential Women in the Mortgage Industry. She can be reached at 519-763-3900 x1001 or www.skipthebank.ca™