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December Preferred Client Update

Blog by Kim Twohey | December 4th, 2018


Looking to Pay Your Mortgage Off Faster?

If you are looking to pay down your mortgage faster, here are three options to help you achieve your goal:

1) Choose an ‘accelerated’ option for your mortgage payments
An accelerated payment option lets you make weekly or biweekly payments while putting about the same amount of money toward your mortgage as 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.

2) Keep your monthly payments the same when you renew your mortgage
When you renew or renegotiate your mortgage, you may be able to get a lower interest rate. If so, you’ll have the option to reduce the amount of your regular payments. If you decide to keep your regular payments the same, you’ll be able to pay off your mortgage faster.

3) Make a lump-sum payment
You can make a lump-sum payment on top of your regular mortgage payments to reduce the outstanding balance of your mortgage. You may only be able to put a limited amount of money toward your mortgage. The amount will be written in your mortgage contract. If you put more money toward your mortgage that your prepayment privileges allow, you may have to pay a prepayment penalty. 

Protecting Your Home This Holiday Season

If you are planning to be away from home for a few days or more during the holidays, here are a few easy things you can do to help prevent a break in and mitigate insurance risks. 

- Read your home insurance policy to find out how often your home needs to be checked in order to maintain your coverage.

- Make your home looks lived in: Put lights, radios and TVs on variable timers. Have someone stay inside your home for a while each day if possible.

- Have a trusted neighbour/friend/family member check on your home daily, collect your mail, and shovel your walks.

- If you’re leaving a vehicle outside your house, have someone move its position periodically, to make it appear as if it is being used.

- Lock-up tools, BBQs and ladders and make sure they are out of sight; set and test your timers; lock and check doors and windows; and leave shades and blinds in normal positions.  

- Turn off the telephone ringer so no one knows your home is empty (and don’t leave outgoing phone or email messages saying you are away).

Keep any ladders used for putting lights up away from the home so criminals cannot use them to climb up to your windows.