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Tag Archives: Debt Management

Variable vs a fixed-rate mortgage: what’s best for you?

Variable vs a fixed-rate mortgage: what’s best for you?

Variable vs a fixed-rate mortgage: what’s best for you? Most people choose a fixed-rate mortgage to avoid surprises in their monthly payments. While a fixed-rate mortgage will avoid surprises in their monthly cost, it may also cost them more money over the life of their mortgage. Variable rates go down as well as up. We can show how a variable-rate mortgage might be the most economical way to go. https://skipthebank.ca

© 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™

 

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

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

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

Clear up debt for 2016: a great financial goal because of low rates

Clear up debt for 2016: a great financial goal because of low rates

  About a quarter of my mortgage practice consists of people who come to ask advice and help around paying off debt. Considering that a mortgage is normally a person’s largest liability, there are a couple of simple things you can do if you’re carrying balances on credit cards, or lines of credit. As companies… Read More

More money down required if you’re buying a home…but only if it’s more than $500K

If you’re buying a house for more than $500,000 you’ll need to have more money saved for a down payment. Outside of Toronto and Vancouver, most first-time home buyers can purchase a nice home for less than this. However, lenders are likely to pass future costs for mortgages down to consumers, find out more from… Read More