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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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What Makes Lowest Rate As The Best Mortgage Feature

How To Get Lowest Mortgage Rates? Lowest rate as the best mortgage features.How To Get Lowest Mortgage Rates?

Mortgage is one of the largest life time investment that can save you thousands of dollars if you do it right. Most of the consumers looking to get an ideal deal, spend their full effort on studding variety of essential mortgage features, it’s not bad because every feature is equipped with some positive things that can help you in going through with your long term investment/loan smoothly and successfully but you should always first concentrate on mortgage feature that determine interest rates over your mortgage, don’t bypass your very first and important question that can award you the cheapest mortgage interest rates; how to get lowest mortgage rates?

Mortgage rates history statistics can show you the highest and lowest mortgage rates in Canadian history and it will not help you in finding out how many customers have taken advantage of getting best rates at that time but there were lot more mortgage borrowers that didn’t get lowest mortgage rates at that time when it were historically lowest only because they didn’t compare mortgage rates to get lowest rate; yes, mortgage rates comparison is one of the best mortgage features to get best mortgage rates that should not be neglected in any case, shopping around help home-buyers to earn a great deal.

Lowest rate feature is the best among other essential mortgage features! According to the consumer’s surveys and study; Canadians have been considered as a slow adopters to the online interest rate comparison sites but with the time now online surveys start showing more than 50 per cent of Canadian mortgage customers have become more aware of the fact that lowest rate feature is one of the best mortgage features, Where Bank of Canada study found justifies the statement, lowest rate as the best mortgage feature; “mortgage customers that don’t compare mortgage rate, pay $759 to $1617 in their premium on said home financing”.

Compare mortgage rates to get lowest rate has become so easy and fast today, you can get all the current rates and, promotional offers, live news and all the related information online. Take some time to collect rate offers of various including your favorite mortgage lenders, brokers, and or banks from their sites and as well as check other interest rate comparison web sites to select an affordable and ideal deal accordingly. Moreover, to get better rates and savings you should try to become better informed about your choices and also compare prices with other features, read the fine print on contracts and keep looking at the upcoming news. Don’t you think? Internet has made it easy for you to shopping around that’s the well worth your effort, online environment is the best option to fetch most current mortgage rates for fixed and variable mortgages and the further developments in the due course, and before taking decision, don’t forget to get all the answers to clear your doubts, when you felt ready negotiate your price once again to get lowest mortgage rates possible; after all its one of your largest life time transaction.


MBNA Smart Cash MasterCard Credit Card Canada – MBNA Smart Cash Credit Card Review

MBNA Smart Cash MasterCard Credit Card Canada - MBNA Smart Cash Credit Card ReviewDo you like earning rewards on all of your everyday shopping need? MBNA Smart Cash MasterCard® Credit Card Canada is one of the best cash back credit card that let you save on your most common purchases. Household shopping is an essential and common between employees and business class where it offers up to 5% cash back on gas and groceries, that’s the reason saying MBNA Smart Cash MasterCard Credit Card Canada as a credit card for all may not be wrong. MBNA Smart Cash Credit Card Review supports household shoppers, here’s are some card details;

  • Get up to 5% cash back on eligible gas and grocery purchases for the first 6 months.
  • Get up to 2% cash back on eligible gas and grocery purchases thereafter*
  • Get up to 1% cash back for all other eligible purchases*
  • 1.99% promotional annual interest rate* (AIR) on balance transfers* for the first 10 full months
  • If eligible, you will be considered for an upgrade to a Smart Cash World MasterCard® credit card
  • No annual fee

MBNA Smart Cash Credit Card Review

If you like earning rewards on your everyday purchases then MBNA Smart Cash Credit Card may be your best deal. You will earn 5% cash back every time you visit the grocery store or fill up at the gas station – one of the highest cash back earning rates in Canada. MBNA Smart Cash MasterCard® Credit Card let you entitles cash back rewards at this special rate for the first six months on all gas and grocery purchases then after it drops to standard two per cent rate after initial promotional period of 6 months. The MBNA Smart Cash Credit Card also offers 1% cash back on all other purchases. Once your earnings reach $50 MBNA will cut and mail a cheque to you as a cardholder.

Here are two awards that MBNA Smart Cash Credit Card won last year:

  1. Best of Finance 2015; 3-Peat Winner for “Best Cash Back Credit Card
  2. Best of Finance 2015; Runner Up for “Best Cash Back Credit Card in Canada

There is nothing that don’t holds disadvantages with the advantages, MBNA Smart Cash MasterCard Credit Card Canada may also offer you some features that you don’t like, it’s up to you to find out your favorite features that suits you before taking decision to get the right credit card according to your need. Here’s are some pros and cons of having this credit card;

Pros

  • No annual fee
  • Receive 5% cash back on gas and groceries for the first six months.
  • Earn 2% cash back standard rate on gas and groceries after six months.
  • 1.99% intro Balance Transfer Rate for the first 10 months.
  • Receive a cheque by mail for your earnings reach $50

Cons

  • Your cash back earnings will drop 3% after initial 6 month promotional period as cash back drop at standard 2% cash back.
  • 1% earning rate on other purchase types is lower than similar cashback cards in the market.
  • It doesn’t include any built-in insurance benefits or retailer discounts.
  • Rewards can only be cashed out at a minimum of 50 dollar.

Conclusions and Suggestions

There is no doubt about the MBNA Smart Cash MasterCard being the best Canadian Cash Back Credit Card but taking decision is a real challenge especially when market offers variety of cash back credit cards and if you compare; 5% cashback on all gas and grocery purchases within the first 6 months is one of the top features of the MBNA Smart Cash MasterCard Credit Card Canada that makes it one of the best cashback credit cards with no annual fee among its competitors, as this rate just come down to standard 2% cash back after 6 months, to enjoy full benefits of this offer you should confirm your card’s intro period should cover the holiday season and special occasions when your spending increased a lot because this way you can earn more cash back. Moreover, 1.99% balance transfer rate for the first 10 months is another top features of this card but before activating this feature you should keep in mind; it will waive the initial grace period on new purchases; being charged interest right away will wipe out your cashback earnings.

*For more information, updates and how they did it; cash back earnings on food, gas, travel and other things, you should click here to read the landing page that holds official credit card offer for; MBNA Smart Cash MasterCard® Credit Card.


How To Stop Impulse Shopping

How to Stop Impulse ShoppingImpulse shopping statistics generally boost up in the shopping season due to promotional offers and discounts; many Canadian shoppers buy things that are not even on their shopping lists. Why is impulse buying bad? The average person in Canada generally spends $310 on impulse buying that can lead to cash shortage, racking up credit card debt, additional credit-card charges and going after to take an expensive short term cash loan to generally acquire loads of unwanted personal and household stuff. Although it’s becoming another unhealthy practice to return unneeded items, according to the retail experts, impulse shopping behavior cost both the buyer and seller when plenty of holiday merchandise returned and it can produce another market of junk items ready for the next garage sale.

Anyway, if you are looking to save money, pay off your credit card bills or just keep a better spending on your needy things, there are well tried and practical ways to accomplish your goals; these will bring you peace of mind and avoid empty handed.

1) Make your shopping list! Make a list of all the important things that you need to purchase in a week. This consists of goods, and also clothing, shoes, entertainment, treats. Think onward about the thing you need in addition to write these straight down for your next shopping. Subsequently, if you are within a shop, tend not to obtain everything that is not mentioned in list. In the event you determine a person certainly will need to have the idea, write the idea straight down on your own intended merchandise for future. The additional time period will allow you to consider if it is essential as well as not.

2) Avoid unnecessary stores! If you are crazy collector of some items and have a weakness for that, and it also not included in your list for that week, don’t go into those places that specially display them! The more you tempt yourself to just look for the upcoming arrivals or see them offered as the sale items and convince yourself it’s a good idea to get one, this will make you weak in breaking your commitment.

3) Track record of your purchases! If you maintain weekly record of your spending while writing every single thing that you purchase, you can better compare how much you have spent and save. This way, you will get better control over your budget; remember what you will save today, you can spend it in the shopping seasons to acquire better things on better rates and promotional gifts.

Take care of your personal finance to enjoy your life; although beside our physical stores, online stores are also making us impulsive to shop but there is nothing to compare with the peace of mind, good health and financially fit and there is one and only key factor that is in your own control and it’s your budget, try to feed your impulse shopping with the saving you made but if you still save some money out of it; you will be the successor.


Celebrate Your Holidays With Payday Loans Discount Promo Code And Save 20% Loan Fees

Get up to $1,500 with payday loans discount today! Same-day funding with great savings at Dollars Direct Canada! Holidays are a time to enjoy and celebrate! Whether you are planning a vacation trip, gifts or looking to arrange a fun party with your family; you certainly need more money as usual and payday loans discount offering can help you not even get the cash you need but 20% saving on your loan fees through its discount promo code this year to make your celebration memorable.

Always remember, if you use your payday loans correctly, you will not think any better idea when you need money fast. It can be a wonderful way to help you and enjoy your family comes together for the holidays. Whether you are in need of an additional gas charges, going to other place to celebrate thanksgiving with your relatives, shopping for the Christmas presents, planning some thing unique on this happy new year or else. Payday loans discount can help take the edge off the holiday cash crunch.

So, celebrate the holidays according to your desire, and get your holiday payday loans even faster now and save 20% loan application fees! Discount offer has been extended, use promo coupon code “CJCASH” and get this huge discount offer work for you! Please note, this discount coupon don’t work in province of British Columbia.

Apply at DollarsDireect.com and use code CJCASH to save 20% on your loan application fee!Payday Loans Discount



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