The Greg Nowik Team
Mortgage Planning since 1989Serving the Lower Mainland: 604-878-0877
Serving Vancouver Island: 250-758-5524
Toll Free: 1-866-958-5524
December 08...In a stormy economic market, your home can be your financial haven.
If you’re like many Canadians, the uncertainty in the economy is making you anxious about your financial security. You’re thinking… what’s at stake? Your retirement? Your job? And what about paying for those holiday bills?
The good news is that with our years of experience, we know how to help protect against turbulent times, by boosting cash flow, driving down debt, and building a financial buffer. For example, you can save thousands of dollars by rolling high-interest debt into a low-rate mortgage. Even better, you’ll have a new lower monthly payment:
This chart is for illustrative purposes only. Assumes amortization periods of 25 years for both mortgages, with 5 year amortizations for the car loan and credit cards; all rates are hypothetical and subject to change. The $198,000 mortgage includes a $3,000 fee to break the old mortgage; appraisal and legal fees are an additional cost. OAC.
In this example, monthly payments are $703 less each month; a great improvement in cash flow! Total interest paid over the next five years is also reduced by almost $8,000.
You can put your extra cash flow into your monthly mortgage payment to power your mortgage down faster, or you can build a financial safety net, just in case you need to deal with a downturn in income, an unexpected expense or a drop in housing values.
Wondering how you should weather a stormy economic climate? Start with a conversation about your mortgage plan. We can help you sort out your debt so you can better meet your short and long-term goals. This may be the time to make your home your financial haven – to weather any storm that might lie ahead.
Security and opportunity… right under your own roof.
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