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Tag Archives: Kitchener

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

Bank of Canada influences on mortgage rates

Bank of Canada influences on mortgage rates

A few other things to consider: Bank of Canada big picture influences on mortgage rates 1. Although the unemployment rate is at historical lows, the number of people looking for jobs is lower and wage growth is running at 2.7 per cent annually, which is below the 3.0 percent that has been consistent when there’s no… 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

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 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