How To Maximize Your Mortgage

  TAKE ADVANTAGE OF SHAVING YEARS OFF YOUR MORTGAGE Many people get into their first home and are so busy fixing it up, moving in and just getting used to their new home they quickly forget about their mortgage, other than that big chunk of cash that goes out of their account every month. They are losing money by ignoring it! Many banks don’t explain much in the way of “best practices” with mortgage repayment.  One of the simplest is paying your mortgage on either a Weekly or biweekly basis to speed up the repayment process, but beware, some banks offer non-accelerated weekly or biweekly which do nothing to pay back your mortgage faster! Follow this simple system when setting up your payments: If you are paid every 2 weeks, pay your mortgage with biweekly accelerated  If you are paid any other way, pay your mortgage weekly accelerated. The reasoning is simple, say your mortgage is $1000 per month, paying biweekly accelerated puts more onto your mortgage in a year ($500 x 26 = $13,000 vs. $1000 x 12 = $12,000), same with weekly accelerated ($250 x 52 = $13,000). So apart from your mortgage payment, what else can you […]

Our Canadian Home-Tips to Save for a mortgage Down Payment

A HOME IS A BIG INVESTMENT   Saving for a down payment on a home is probably one of the biggest goals many people set out to achieve when they want in on the real estate market. Are you thinking of making the move into home ownership? Deciding whether you should continue to rent or buy a home is a decision only you can make. People often ask me why I chose to buy a home so young when I was living in the UK. I decided to buy so young because my parents taught me the value of money early. I saved my money because I knew that I should be able to make more money over time if I invested it wisely. I also realized that I didn’t want to rent but that I’d rather own my piece of land in this world. I’m not going to lie and say it was easy as that’s simply not the truth. I worked hard and long hours to get me into the home ownership scene. I had no debt and paid cash for everything I needed. My wife was the same way growing up so we both had an understanding […]

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