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Category Archives: Debt Management

Review and adjust monthly obligations to take the worry out of mortgage rates going up

Review and adjust monthly obligations to take the worry out of mortgage rates going up

Young couple on stairs

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!

 


Review and adjust monthly obligations to take the worry out of mortgage rates going up

Review and adjust monthly obligations to take the worry out of mortgage rates going up

  Review and adjust monthly obligations to take the worry out of mortgage rates going up. Worried about rates going up and meeting the payments on the mortgage plus other debts? Usually after sitting down to review a typical clients situation, they can save from $400 – $800 a month. By reviewing and adjusting, it… Read More

Instead of declaring bankruptcy: consolidate debts into a mortgage

Instead of declaring bankruptcy: consolidate debts into a mortgage

  Consolidate debts into a mortgage instead of declaring bankruptcy. A bankruptcy or even a consumer proposal will do havoc on your credit history. Even if your trustee says that the consumer proposal doesn’t affect your credit history in the same way as a bankruptcy — they’re wrong. Working with a mortgage broker will help you… Read More

Consolidate: Staying within budget when debts exceed monthly income

Consolidate: Staying within budget when debts exceed monthly income

  Staying within budget when debts exceed monthly income: By consolidating your monthly debts into your mortgage, you can manage your budget and get control of spending. Let us review your situation together, and show you how consolidating can be possible. Call me or email me if you have any questions! We love helping people with… Read More

What to do with your mortgage given the rate increase by the Bank of Canada

What to do with your mortgage given the rate increase by the Bank of Canada

What to do with your mortgage given the recent rate hike by the Bank of Canada? We were expecting the Bank of Canada (BofC) to increase its overnight lending rate which has affected most of the different banks’ prime rates. This rate increase occurred a few days ago and will have a direct impact on your… Read More

How To Budget For Variable-rate Mortgage Payments

How To Budget For Variable-rate Mortgage Payments

  How to budget for variable-rate mortgage payments: With a variable-interest-rate mortgage some lending institutions say that the same amount can be paid each month should a homeowner switch to a fixed-interest-rate mortgage. In the long term, less of the monthly payment goes toward paying down the principal. We can help a homeowner budget for a… Read More

Paying Your Variable-rate Mortgage Like a Fixed-rate Mortgage

Paying Your Variable-rate Mortgage Like a Fixed-rate Mortgage

  Paying Your Variable-rate Mortgage Like a Fixed-rate Mortgage. When and why you should pay off your variable-interest-rate mortgage: Very often the variable-interest-rate mortgage is less than a fixed-rate mortgage. If you pay off your variable-interest-rate mortgage, you will have saved more money than if you had a fixed-interest-rate mortgage. We can help a homeowner… Read More

Debt Consolidation Plan

When should you consider consolidating your debt with your mortgage and why?

  If you are unable to pay off your debts each month and your total debt exceeds $5000. Interest rates and how they are calculated vary widely. Interest on a mortgage is calculated twice a year A Line of Credit loan is calculated monthly and usually carries a higher interest rate Credit cards are calculated… Read More