Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Tag Archives: mortgage terms

Mortgage checkup vital to homeowners

Calgary Herald

For many Canadians, financial matters are about as enjoyable as their yearly physical exam, but it’s something that should be done just to be sure everything is as it should be.

This is particularly important in these times of a low-rate environment.

Homeowners should become proactive about their overall financial health by taking a close look at one of their most important obligations – their mortgage, says Gary Siegle, Calgary-based regional manager for Invis.

“A mortgage isn’t something you sign once every few years and then forget about,” says Siegle. “Life can change substantially in a year and a regular review can help ensure that your mortgage is still the right fit for your financial situation.”

Don’t kid yourself, says Siegle – a number of major life changes may call for looking over your mortgage, such as starting or growing a family, starting a business, loss or interruption of income, home renovations, purchasing investment property or other major expenditures.

A mortgage professional can assess a homeowner’s current interest rate, payments and other mortgage terms, determine available home equity, and recommend options that may help them better reach their goals.

So given all that could happen in just 365 days, Siegle offers some common reasons to revisit your mortgage:

Paying down your mortgage faster – If you receive extra cash like an inheritance, tax refund or a work bonus, think about putting it toward your mortgage.

For example, paying an extra $3,000 once every year toward the principle on a $250,000 mortgage can result in interest savings of $42,443 over the life of the mortgage, assuming a 25-year amortization and a fixed rate of 4.19 per cent.

Lowering monthly payments – Renegotiating for a lower interest rate can protect your finances from unforeseen factors like a reduced income and allow you to save up a rainy day fund.

Debt consolidation – Transferring high-cost consumer debt, such as moving a credit card balance to a lower interest rate by consolidating it into your mortgage, can help you boost your cash flow to build up savings or pay down your debt faster.

Securing a home equity line of credit – A line of credit can help you access lower-cost

funds for investing, such as topping up your RRSP contribution for the year. It can also help you pay for home improvement projects so you can take advantage of the federal Home Renovation Tax Credit for eligible projects done before Feb. 1.

Improving credit – A mortgage professional can coach you on how to improve your credit score, which can help you work toward future goals such as buying a vacation property for your family.

In some cases, a mortgage check-up may show that refinancing could improve your mortgage strategy. However, most mortgages require the borrower to pay a penalty if they pay off their mortgage in full before the maturity date.

A mortgage professional can provide advice on what penalties you may incur and if refinancing is indeed your best option.

“In the end, a yearly mortgage checkup could reveal that the best course of action is no change at all,” says Siegle. “Mortgage professionals can be excellent resources to help homeowners better understand their financing options, whether they’re buying a new home or staying put.”

————————————————————————————————————

Contact Laurin Jeffrey for more information  –  416-388-1960

————————————————————————————————————