Review and adjust monthly obligations to take the worry out of mortgage rates going up. Are interest rates increasing, adding to mounting debts? A simple affordable solution may well exist with a call to Sandra.
Worried about rates going up and meeting your payments on your mortgage plus your other debts? There’s likely a good solution. Usually after sitting down to review a typical clients situation, we can save them from $400 – $800 a month. It may seem like you are experiencing a financial colonoscopy, but remember, the important thing is to do it now.
If your mortgage is renewing in the next year you’re probably going to be looking at an interest rate increase of 3-4 percent. That could mean an additional $200-plus monthly, if you retain the same amortization. What’s your plan of attack? Renew early—pay a penalty to get a lower rate now or re-amortize your mortgage to a longer period for the short term.
How to use equity in your home to pay off debts or other projects. Your home equity has probably increased by 4-6 % in the past few years. A possible scenario may be that rising real estate prices have put a new home out of reach. One possible solution is to use the equity in your home to do a major renovation and save some money and headaches from moving your family to a new neighbourhood. You can access up to 80% of your home’s appraised value. Another scenario is to borrow against your home equity is if the Taxman comes calling. When it comes to paying off debts, the CRA comes first.
Whatever your situation, we advise you not to wait. Give Sandra a call, and more than likely she can reduce your costs and your worries too!