Do you ever think about things you can do now to help protect yourself against the inability to pay your mortgage in case of financial issues in the future? The CMHC (Canada Mortgage and Housing Corporation) has posted an article on their website entitled “Mortgage Planning Tips” giving some great information about how you can be proactive now to possibly prevent damaging financial hardship in the future.
It is always wise not to borrow the maximum amount you have been approved for when it comes to a mortgage. Borrowing the maximum amount you can afford now may not allow you to comfortably cope with unexpected changes in your income or unforeseen expenses in the future.
It is a great idea to sit down with your financial lender to calculate how your monthly mortgage payment would change if the interest rates were to increase (even 1 - 2%) - Could you still comfortably pay your monthly mortgage if this increase should occur? – a very good question to ask yourself BEFORE “signing on the dotted line”.
There are ways to pay off your mortgage sooner in order to have more financial freedom in the future – this could include making weekly or biweekly payments, saving to make a lump sum payment toward the principle and/or increasing your payment a little bit every month. Talk with your financial lender about the options they offer to pay off your mortgage faster.
If you reach a point that you are unable to make your monthly mortgage payments, speak with you lender – they may be able to help you as they may offer ways to help you deal with temporary financial obstacles – Remember, the worst thing you can do is sit back and not do anything and just hope the problem will go away!
For more information regarding these Mortgage Planning Tips please click here to read the complete article from the CMHC.
Until next time,
The Jamie Dann Team
Showing posts with label mortgage information. Show all posts
Showing posts with label mortgage information. Show all posts
Wednesday, August 1, 2012
Tuesday, March 1, 2011
What is the CMHC?
Did you know that the Canadian Mortgage and Housing Corporation's (CMHC) website is FILLED with tons of interesting articles?
The CMHC was developed as a government owned corporation in 1946 to address Canada's post-war housing shortage. Since then, the agency has grown into a National institution providing many mortgage loan insurance policies.
On their website, you can find many interesting articles about purchasing, maintaining, and renovating a home, as well as the obvious information about mortgages. They even have a great series of articles entitled "Home Buying Step by Step".
What we have also found really interesting is their Canadian Housing Observer which contains a yearly report of just about any statistic regarding housing trends and conditions, and outlines key factors that influence Canadian markets... To check out the Canadian Housing Observer for 2010 click here.
There is too much information contain in the CMHC's website to talk about here, but do take the time to explore it by clicking here.
Until next time,
The Jamie Dann Team
The CMHC was developed as a government owned corporation in 1946 to address Canada's post-war housing shortage. Since then, the agency has grown into a National institution providing many mortgage loan insurance policies.
On their website, you can find many interesting articles about purchasing, maintaining, and renovating a home, as well as the obvious information about mortgages. They even have a great series of articles entitled "Home Buying Step by Step".
What we have also found really interesting is their Canadian Housing Observer which contains a yearly report of just about any statistic regarding housing trends and conditions, and outlines key factors that influence Canadian markets... To check out the Canadian Housing Observer for 2010 click here.
There is too much information contain in the CMHC's website to talk about here, but do take the time to explore it by clicking here.
Until next time,
The Jamie Dann Team
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