Luciano Giustini
Mortgage Agent
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Why buying your first home during inflationary times is good
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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.
Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.
Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.
Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.
Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.
As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.
So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.
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If you’re like many Canadians with a mortgage, you’re probably looking for ways to pay it off sooner. You’re in luck! Below are some great tips to help you reduce your principal and eliminate your mortgage debt faster, so that you have more money in your bank account for retirement, investments or a relaxing tropical vacation. If you’re among the 38% lucky homeowners who have paid off their mortgage, forward this information on to family or friends who are seeking to pay off their mortgage debt.
Making additional mortgage payments
To pay off your mortgage faster, consider putting extra money toward your mortgage.
Your mortgage contract may allow you to:
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increase the amount of your regular payments
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make lump-sum payments
Your lender calls this a prepayment or prepayment privilege. Check your mortgage contract or contact your lender to find out about your prepayment options.
Increase your payments
Increasing the amount of your payments, even by a small amount, helps you pay off your mortgage faster.
You may only be able to increase your payments by a certain amount each year. Check your mortgage contract for the specific amount. If you increase your payments by more than your prepayment privilege allows, you may have to pay a penalty.
Normally, once you increase your payments, you can’t lower them until the end of the term. The term is the time that your mortgage contract is in effect including your interest rate and other conditions. The term can range from a few months to 5 years or longer.
Make a lump-sum payment
You can make a lump-sum payment on top of your regular mortgage payments.
You may only be able to put a limited amount of money toward your mortgage. Check your mortgage contract for the specific amount.
You can make lump-sum payments:
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before the end of your term
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at the end of your term
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at certain times during your term
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on certain dates set out in your contract
Choose an accelerated option for your mortgage payments
An accelerated payment option lets you make weekly or biweekly payments. With this option, you’re putting more money toward your mortgage than with a monthly payment.
Accelerated payments can save you money on interest charges. By accelerating your payments, you make the equivalent of one extra monthly payment per year.
if you know of someone who would appreciate the level of service I provide, please call me with their name and business number. I’ll be happy to follow up and take great care of them.
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