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Tag: Lump Sum

How Can Mortgage Prepayments Save You Thousands On Your Mortgage

How Can Mortgage Prepayments Save You Thousands On Your Mortgage?How to save thousands of dollars on your home mortgage? Mortgage prepayments can save you thousands of dollars over the years! If you’re unsure ask your lender about your eligibility, you are allowed or not. A prepayment or lump sum is an amount that you pay extra to your regular payments to reduce your liability or pay off the debt balance. It’s like getting down your interest rates over your payment for the term by making your payments earlier. Increased mortgage payment vs lump sum is nearly same and depends on your circumstances and or financial condition, whatever you consider, should be wise and beneficial. How can mortgage prepayments save you thousands on your mortgage? Following is an article especially selected from official website of Financial Consumer Agency of Canada for your consideration and better results.

Mortgage prepayments can save you thousands on your mortgage—but check first

Making prepayments on your mortgage could save you thousands of dollars over the years—as long as your mortgage lender allows them.

A mortgage prepayment is any amount you pay in addition to your regular payments. This can include increasing the amount of your regular mortgage payments or making a lump-sum payment to reduce or pay off your mortgage balance.

The sooner you can make prepayments, the less interest you will pay over the long term.

For example, consider a 25-year mortgage of $150,000 with a 5.45% interest rate. Assuming the interest rate remains the same over the life of the mortgage, the monthly payments would be about $911. Increasing the payments by $50 per month would pay off the mortgage two years sooner and save $14,000 in interest.

A one-time lump-sum payment of $15,000 in the second year of that same mortgage would result in paying off the mortgage more than four years earlier and saving over $33,000 in interest.

Check your mortgage agreement first, because not all mortgages have prepayment privileges. A closed mortgage may require you to pay a penalty or fee for any prepayment.

Federally regulated financial institutions, such as banks, must show your prepayment options in an information box at the beginning of your mortgage agreement. It will specify whether you can make prepayments, when you can do so, plus other related terms and conditions. Read your mortgage agreement carefully, and before signing ask the lender to explain anything that you don’t understand.

When shopping for a mortgage, ask the following questions:

  • How much can I prepay without penalty or fee?
  • Is there a minimum amount for a prepayment?
  • When can I make prepayments?
  • Are there any conditions or limitations?
  • If there are fees or penalties, how much are they, and how are they calculated?

The Financial Consumer Agency of Canada has more information on this topic at itpaystoknow.gc.ca.

Source: Financial Consumer Agency of Canada (FCAC)
Date modified: 2015-06-25

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Looking For Alternatives To Bankruptcy In Canada

Bankruptcy Alternatives in CanadaGoing for the personal bankruptcy may often be an option that people in Canada think they have to take when they felt severely in debt. However, before taking this route that declares you bankrupt, it’s wise to find out an objective opinion in the view of your financial situation. There are variety of alternatives to bankruptcy in Canada that you can avail throughout Canada in all provinces and territories.

Bankruptcy Alternatives in Canada

Following are the personal bankruptcy alternatives that are available in Canada:

  • Debt Consolidation Loan
  • Debt Management Program (Payment Consolidation)
  • Orderly Payment of Debts (OPD); please find out its availability in your province prior to taking it.
  • Consumer Proposal

You are facing the possibility of personal bankruptcy but are not willing to give in yet; is it so? There are several alternatives to bankruptcy in Canada. Finding out what is right for you is an important task that you can talk with a professional about the options for you. There are trained peoples like bankruptcy lawyers that can help you in making the decision about what alternative may be right for you.

You will find most of the creditors who are willing to work with you because they will make more money helping you solve your debts than to have it written off in a court of law where they will not recoup their losses. In other words they do not want to write of the loans. When you are seeking help to keep from a bankruptcy you will want to either hire a lawyer or a professional negotiator. A professional negotiator can be found at nonprofit organizations for debt counseling. You can also find these individuals online or in the phone book. You will of course want to check references to make sure you are dealing with a reputable company. Those who are in debt know that creditors will send them to collection services that will hound the person. In order to lower stress it is important to have someone field the calls while you are trying to negotiate terms you and the company can live with.

It can be difficult to find the money to afford a bankruptcy lawyer especially when you are already struggling so remember the nonprofit organizations do hire professionals to help you. A credit negotiator can establish a deal for a smaller cash payment to help you settle the claim against you from that company. You may pay less on a monthly basis or you may be able to give them a lump sum to make the company settle without the bankruptcy. This lump sum can have you pay off the debt so you can concentrate on other debts.

The percentage you may have to pay could just be the balance without the attachment of interest if you can pay it right away. They may invoke an Individual Voluntary Arrangement that states you have a certain period of time to pay of a percentage of the loan.

You will want to try alternatives before seeking bankruptcy because it can affect your credit score. If you still have decent credit is behooves you to try an alternative such as refinancing your loans to perhaps one over all loan. You may find a lower annual percentage rate with the consolidated loans and still save your credit.

There are alternatives to bankruptcy in Canada the trick is to know where to find them. You do not want to listen to bad advice so you should seek a reputable company even a nonprofit organization that will give you the advice and guidelines that you want to avoid bankruptcy.

For update and authentic information about alternatives to bankruptcy, you should consider reading here at Office of the Superintendent of Bankruptcy Canada. It’s strongly recommended to adopt best possible alternatives to bankruptcy in Canada that you can afford in relation to your personal financial situation; it’s always in your best interest to check out and find your other options before declaring personal bankruptcy. Moreover, you should consider finding what assets you may have to give up in case you are going to file for bankruptcy and how long it will take to rebuild your credit history after the bankruptcy process is completed.


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