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Tag: Canadian Homeowners

Canadian Mortgage Strategy Choosing Between Fixed or Variable Mortgage Rates

The debate between fixed-rate mortgages and variable-rate mortgages will seem to be forever because these both strategies hold strong financial footing and efficiency that both provide advantages on what thousands of mortgage consultants, lenders and planners have been assisting their clients on their decision-making. Where as the variable rates strategy seems to be getting priority in Canada and have been adopted while taking as the best mortgage strategy that can save lot of money:

According to the latest research study by one of the Canadian economic experts, Moshe Milevsky, associate professor of finance at York University, reaffirm his year 2001 conclusion that, “Canadian homeowners really do pay extra for fixed-rate mortgages over the long run”, further he shows that “variable rate mortgages hold more benefits to majority of consumers with most of the time”. He extracted his finding while taking mortgage rate data from year 1950 to 2007 and found that choosing a variable rate mortgage would have saved Canadian mortgage consumers  $20,000 in interest payments over 15 years, based on a $100,000 mortgage value. Moreover, he also found that it would have been better off with a variable rate mortgage compared to a five-year fixed rate 89 % of the time.

New mortgage application has an incredible number of options from which to choose. However, with shifting interest rates, it can be a confusing time for those looking to acquire, renew or refinance a mortgage. Getting the most advantageous mortgage strategy is important and this challenging task cant be solve with anybody else accept you. This is the question you should ask yourself: Do I want the stability of a fixed rate mortgage or am I comfortable with the potential risks and rewards of a variable rate mortgage?

A variable mortgage rates allow the borrower to take advantage of low interest rates where the interest rate is calculated on an ongoing basis at prime minus a set percentage where prime is the base rate that banks use in pricing loans to their most creditworthy customers.  A variable rate mortgage can pose challenges for some, such as financially stretched first-time buyers who may not be able to handle an increase in their mortgage payments that would usually accompany a significant rise in interest rates, and there are those who simply prefer the greater sense of stability that a five to ten year fixed term mortgage can provide.

Faced with today’s competitive mortgage market and a changing interest rate environment, credit consumers need access to the timely and quality information through a recognized and trustworthy source. Which can help them decide while looking carefully at their current situation and personal goals to determine which mortgage strategy will best meet their individual needs. Moreover, you should try to get an answer yourself after consulting your mortgage broker whether a fixed or variable mortgage is best for you.


Consumer Mortgage Tips Canada! How to Pay Your Mortgage Off Faster?

10 Tips for Paying Off Your Home Mortgage Faster

For most the Canadian homeowners, paying off their mortgage as early as possible has a top priority. Paying down extra principal in the early years of your mortgage loan by whatever means possible can reduce the life of your mortgage, and dramatically lower the interest you’ll pay throughout your mortgage loan life.

Any additional payment you make on your mortgage (also known as a pre-payment) will save you a lot of money in interest. The interest portion of your payment is determined by the outstanding balance of your mortgage (principal and interest). As the outstanding balance diminishes, less of your payment goes towards interest and more comes off the balance. Here are a few home mortgage tips and ways on how to pay off sooner while minimize your mortgage costs:

  1. Increasing the amount of your payments annually to the maximum you can afford
    The upside is that most lenders will allow you to reduce it again to the previous level if it turns out to be too great a burden or your circumstances change.
  2. Prepayments provide you great return over your investment
    If you pay an average 6.5% mortgage interest rate towards your mortgage payment, for each $1,000 reduction of your mortgage principal results in $65 savings after tax cash annually.
  3. Utilize your RRSP driven tax rebate as a mortgage prepayment method
    Even if you can only prepay annually, make sure tax refunds are set aside for paying down your mortgage. Many Canadians borrow (at prime) to buy an RRSP to ensure the maximum rebate. When applied to the mortgage principal, this refund is a “gift that keeps on giving”. Combining the refund with the tax-free interest earned on the RRSP over the subsequent years will quickly outpace the short-term interest costs of the RRSP loan.
  4. Accelerated bi-weekly payment option
    Increase the frequency of your mortgage payments; make accelerated bi-weekly payments to get a free principal reduction equivalent to one full mortgage payment every year.
  5. Make use of double-up privileges wherever possible
    Tell yourself that you will “skip-a-payment” whenever necessary.. then skip only when you absolutely must.
  6. Round your mortgage payments up
    By adding even a nominal amount of dollar value, say $10 per payment, the amount of interest you are saving will be unbelievable, and the extra money is relatively painless to part with.
  7. Making lump-sum payments whenever possible
    By decreasing the principal of the mortgage, your payments will not be allocated as much to interest, thereby accelerating the end of your mortgage.
  8. Keeping the same payments when mortgage rates have fallen down
    If the payment amount has not been a problem so far, then keep it the same, thereby paying down the principal faster.
  9. Raise the mortgage payments in line with increased income on an after-tax basis
    If your income increases, don’t keep your mortgage payments the same. Although the disposable income may be fun to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage free faster a far outweighs the short-term sacrifice.
  10. Paying extra on your payment dates
    Most lenders will allow you to make additional payments on your mortgage, sometimes referred to as “double-up” payments. These extra amounts are applied to the principal only and reduce your mortgage balance, which helps you pay your mortgage off faster.

The faster you reduce the outstanding balance on your mortgage, the more you will save in interest charges. Since pre-payment policies vary between institutions to institutions and types of mortgages, you should consult your mortgage agreement for complete knowledge about the availability of the pre-payment options for you. These are some of the consumer mortgage tips specifically written for the Canadian home mortgage market but could be equally workable for any other country in general as well.


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