Great Tips

One of the biggest investment you will ever make is purchasing your home. That means you want to be smart with your mortgage options. Although we can’t predict mortgage rates trend – or how the housing market will change in the future. We can position you to gain an edge in understanding and paying off your mortgage way a head the set amortization.

Here is some great tips for you to consider as sensible strategies for today’s homebuyers and owners.

Negotiate your mortgage renewal. Don’t miss out on an opportunity to save thousands on your mortgage renewal. When you receive your mortgage renewal, it’s time to get us to assist you in making the right decision. Our Higher Living Mortgage Advise will assit you with the access to over 30 different lenders. We will assist you in finding a better deal to acheive your financial freedom many years faster.

Pay your phone bills on time! Paying your bills on time has always been the most important credit habit. Equifax recently started to include phone companies on credit bureau reports, so your lender can see if you have any delinquencies with your phone bills.

Mortgage versus total debt. Do you have high-interest debt outside your mortgage you won’t be able to pay off in the next few months? Then think about rolling that debt into a new low-rate mortgage. This one, smart strategy could save you thousands and boost your monthly cash flow. We can review your situation to see if you qualify.

Keep other good credit habits. Don’t let your credit accounts exceed 30 per cent of your limit. Also, don't cancel an old credit card without getting advice. And don’t sign up for store cards: they often have very high interest rates, and the application triggers a credit inquiry.

What’s the payout penalty? Payout penalties are different from one lender to another, don't let anyone tell you they are “all the same”. It's not. If you ever need to get out of your mortgage early, the right mortgage could save you thousands. Not all lenders calculate penalties the same way, and the differences can be substantial. It helps to know which lenders have the most fair early payout penalties. We can help you determine the best payout strategy to ensure you are gaining not loosing your hard earned money.

Variables is a great mortage term to select. Several lenders are offering strong “prime minus” rates that could save you thousands in interest. And the Bank of Canada is still holding their key “overnight rate” very steady and very low… making variable-rate mortgages a sensible option right now. Fixed versus variable has always been a challenging mortgage decision. Let us help you decide which financing option to select.

If you are seperating or going through a divorce, one of you wants to keep the marital home, we’ve got some great mortgage options, including a mortgage to 95 per cent. Your home can be the asset that gives you both a fresh start!

A pre-payment will pay it forward. Take every opportunity to make pre-payment towards your mortgage principal using any prepayment privileges! Or switch to weekly or bi-weekly payments. Every dollar you pay down on principal means you reduce your mortgage amortization resulting in paying off your mortage faster.

Thinking renovation? Great idea! Your reno will add value to your home. That’s why banks offers special “Refinance Plus Improvements” mortgage that lets you refinance up to 80 per cent of the new, post-reno value of your home. Great idea to give your home a new look.

Higher Living Mortgage has many strategies to pay-off your mortgage faster, we will help you to understand your mortgage and save big so you can enjoy the finer things in life with your family.