News and Education

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May Newsletter

­­Spring cleaning your debt could save you thousands!

You may not uncover a financial windfall when you’re cleaning the garage this spring, but a little time and attention to the task of spring cleaning your financial house can be very rewarding.

Are you continuously carrying a large monthly balance on your credit cards? This kind of financial clutter can be very costly. Make a quick list of the interest you are being charged on your loans, credit cards or other unsecured debts. Next, take a look at our historically low mortgage rates. You have a golden opportunity right now to give yourself a tremendous financial boost. By rolling your other debt into a mortgage you can reduce the number of payments you’re making each month, save big on interest costs, and greatly improve your monthly cash flow. You can start building wealth by funneling some of that cash flow back into your mortgage, or by investing in RRSPs, TFSAs, or RESPs.

Worried about penalties? Don’t think it can make much difference? Think again.  If you have over $20,000 in unsecured debt, it’s worth taking the time to have your situation reviewed to see if you can benefit. We’ll be happy to outline all of your spring cleaning options!

Looking for your first home? First, determine what you can afford.

It happens: you fall in love with a home that seems perfect, but it is way outside your possible price range. Before you go looking at homes, and long before you consider putting an offer on one, you need to run the numbers. Get some professional guidance – there’s more to home ownership than a mortgage payment – and determine exactly what you can comfortably afford.

Meet with us first. We are expert at providing the advice, education and resources that first-time buyers need. We can offer advice on boosting your credit rating, determining an affordable mortgage payment, and advising you on the extra costs that come with buying a home.

We can also make sure you have a pre-approval with an attractive rate – usually good for 90 to 120 days – so you’re house-shopping with a plan and a budget. Doing this work ahead of time will make you a confident and informed homebuyer. You’ll know exactly how much house you can afford – before you ever start dreaming of home!

Are 30-year amortizations still available?

Yes they are; if you have 20 per cent equity or more you can choose the 30 or 35 year amortizations that are offered by our lenders. Homeowners with less than 20 per cent down are not eligible for an amortization over 25 years.  Some homeowners want to use longer amortizations so they can minimize their mortgage payments and free up cash flow for other uses like investing, business needs, post-secondary education, maternity leave, or other life situations.  We can help you determine if a longer amortization is right for you.

Source: Invis and Mortgage Intelligence

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Latest Lending Rates

Terms Our Rates
1 Year 6.69 %
2 Years 6.04 %
3 Years 4.94 %
4 Years 5.09 %
5 Years 4.94 %
7 Years 5.65 %
10 Years 6.05 %
Current Prime 7.20 %
5 Year Variable 6.25 %