Tag Archives: pay-off mortgage

Mortgage Basics

When we get down to the basics of life, it’s really quite simple.  Down to its core, all we really need is food, shelter and love.  Everything else is optional. Shelter can come in many forms.  Living with relatives, renting your home, or the loftier goal of owning your own home.  Although home ownership is not a necessary part of life, it’s a goal for most Canadians.  The good news … Read More

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Mortgage Matters

Does your mortgage matter?  Are you better off renting?  Sometimes life can feel like a daily grind.  Working to pay your bills and your mortgage, just trying to get through to the weekend so you can finally relax.  Resentment can build up pinching pennies to save up for a week’s vacation.  Some of us have even settled on renting instead for a couple hundred dollars less a month to spend … Read More

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The Miracle of Compound Interest Can Make You Rich

The miracle of compound interest can make you rich.  A house is the biggest asset you will own in your lifetime.  If you pay off your mortgage quickly using the miracle of compound interest, then you will be privileged with an impressive net worth. Take the example of Penny Morepayment.  If Penny buys her first home for $375,000 at the age of 30 and takes out a mortgage of $300,000, … Read More

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Increase Your Mortgage Payments

Paying off your mortgage is a common goal for homeowners.  The monthly obligation of mortgage payments is usually a family’s biggest financial burden, and the sooner it’s gone the better.  Getting rid of your mortgage is a little like pulling off a Band-Aid.  You can minimize your mortgage payments today and make your cash flow as comfortable as possible or you can put everything you have towards your mortgage to … Read More

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How Much Mortgage Debt is Too Much Debt?

The Canadian government is concerned about our level of consumer debt, including mortgage debt, and so are most Canadians.  When surveyed however, the vast majority of Canadians feel comfortable with their own level of debt.  The question remains, how much debt is too much debt. The yardstick our Department of Finance has been using is the ratio of debt to disposable annual income.  Let’s look at that at the household … Read More

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Maxed Out and Ready to Refinance

The average non-mortgage debt held by Canadians has climbed by 3.47% to $27,131 over last year.  One reason behind the increase is the new mortgage rule limiting the amount you can refinance.  Canadians who have maintained their spending patterns can no longer use the equity in their house to wipe the slate clean.  Instead they are left with a mountain of high interest debt. While the new rule makes sense … Read More

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Save $12,000 on Your Next Mortgage

Mortgage penalties are a necessary evil and should be closely scrutinized when negotiating your next mortgage.  Choosing a mortgage solely based on the interest rate could cost you over $12,000 in future penalties overshadowing any interest savings. Forced to comply with new federal regulations, mortgage companies must now fully disclose their penalty formulas and must provide an on-line penalty calculator. It would be worth your while to submit your mortgage … Read More

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Know Your Reasons Why!

We all have goals in life.  Some we write down, others we keep at the back of our mind.  Nonetheless, we all have a future vision to which we aspire.  Whether, it’s to lead a healthier life, to meet the love of your life, to travel to an exotic locale or to simply pay off that darn mortgage, if it’s important enough to you, you will achieve it. Achieving your … Read More

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Non-Mortgage Debt Still Rising

In a report released last week, Equifax revealed that consumer indebtedness increased year over year by 3.9% to $500.8 billion.  Now that we have fewer home refinance options, balances are increasing for bank installment loans, lines of credit and auto loans.  Although modest increases are to be expected, a 3.9% increase is almost double our economic growth rate. Mortgage debt, which is normally considered the only good debt has been … Read More

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Debt Can Dampen your Love Life

The government of Canada has taken a keen interest on your debt levels, and so has that cutie down the hall.  High levels of consumer debt can lead to financial instability especially if interest rates rise or employment is lost.  The government wants to ensure the country’s economic stability, but that cutie is looking for some stability of their own.  According to a new survey by dating site Match.com, 94 … Read More

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