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Tag Archives: Financial Planning

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 and interest payments.

If you’re expecting to do the renovations over a longer period of time–say a year or so, use a secured line of credit to finance the renovations and then when you’re done, lock in that portion of the loan to a fixed- or variable-rate mortgage. With the secured line of credit you only pay for what you need and the payments are interest only. 

Call me or email me if you have any questions! 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™


Supply and Demand: The best time to buy a house is sooner than later

Supply and Demand: The best time to buy a house is sooner than later

Supply and Demand: The best time to buy a house is sooner than later: Supply and demand is a challenge for 2018. Over the years, history has shown that demand for new houses usually exceeds available supply. That’s why houses continue to rise in cost. Consequently, ‘now’ is usually the best time to buy. Talk to us,… 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

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