Most of us have packaged our financial lives in a bunch of little boxes. A box for our mortgage. A box for our car loan. A box for our credit card debt. If you’re like most Canadians, you’ll know all about those little boxes. Well, sometimes those boxes have you completely boxed in, and may get a bit heavier to carry, especially with rising rates expected later this year or next. That’s why we feel a little out-of-the-box thinking will really pay off this year, especially if any of the following apply:
1. You find yourself mired in so much high-interest debt that your monthly cash flow has slowed to a trickle and you’re racking up large interest costs. It’s a significant opportunity to consolidate this debt into a new or existing mortgage before rates start rising.
2. You want to prepare for rising rates! We can discuss strategies with you, whether it’s taking advantage of your lender’s prepayment privileges so you can build a cushion, or scoping out whether you can get access to today’s incredible rock bottom rates by looking at a new
mortgage.
3. While the worst of the recession is behind us, you think there’s a chance you’ll have reduced income at some point in the near future. We can build a solution – just in case you need it. This plan also works if you have a big expense looming;
4. You want to take a look at re-advanceable mortgages, an excellent way to access equity for investing, renovations, or emergencies, without having to re-apply. In fact, this is one of our favourite wealth-building tools for clients looking for a tax-deductible mortgage.
Right now, we have an exceptional range of possibilities: historic low rates and great options. If you’re feeling a little boxed in – or if we haven’t reviewed your situation in the last 12 months – then it’s probably a great idea to get some fresh, timely perspective. Give us a call.
No obligation, no pressure… and no boxes.
Yours truly,
Jeanne Martin, AMP
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