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Category Archives: Financial Planning

Renew the mortgage early to get a better rate if it’s coming up for renewal this year

Renew the mortgage early to get a better rate if it’s coming up for renewal this year

 

If your mortgage is renewing in the next year, it’s probably going to be renewing from a mortgage with less than 3% rate to a rate that is likely over 4%. What does that mean for you?: Payments going up by a couple of hundred dollars if you keep the same amortization. If you renew early–pay a penalty to get a lower rate now or re-amortize your mortgage to a longer period for the short term–we can help homeowners get a lower rate now.

Contact us! We love helping people with technically-supported honest mortgage advice!
© 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™


Financing renovations on your home

Financing renovations on your home

  Financing renovations on your home. If you’re expecting the renovations to be done in less than four months, my recommendation would be to take the equity out of your home and put it into an amortized mortgage. The interest rates will be lower and you’ll receive all the money at once, while paying your principal… Read More

Locking In Your Mortgage Rate

Locking In Your Mortgage Rate

  Locking In Your Mortgage Rate: A homeowner can change from a variable-interest-rate mortgage to a fixed-interest-rate mortgage without paying a penalty. Most lenders look at a five-year term on a fixed-rate mortgage. The trick is to determine what the new fixed-interest rate will be and when to make the switch. How to determine what factors… Read More

How Often Variable Rates Change

How Often Variable Rates Change

    How Often Do Variable Rates Change? The Bank of Canada can legally change its prime lending rate plus or minus, sixteen times a year. In reality, it normally only changes about once or twice, and is plus or minus .15% to .25% per annum. We can help a home owner in forecasting those… 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

Tip for when buying a house – Get all the documents organized that the lender will want to see

Tip for when buying a house – Get all the documents organized that the lender will want to see

  Tip for when buying a house – Get all the documents organized that the lender will want to see: the importance of Documentation. If you are employed: Two years of T4s; Two recent pay stubs; Letter of employment If you are self-employed: Make sure income taxes are up to date If you own a corporation:… Read More