Buying a home is a major purchase that most people pay off over a long period of time. However, certain easily accessible choices can help you save on interest and speed up your mortgage repayment. Here are five tricks to pay off your National Bank mortgage more quickly.

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  1. Increase the frequency of your payments

This option is often considered the easiest option to incorporate into a budget. Simply increase your payment frequency from monthly to weekly or biweekly. And why not time your mortgage payments to coincide with when your salary is deposited? [……]

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Not sure? Take some time to revisit your financial goals. If your mortgage is coming up for renewal, now may be the time to switch to BMO.

How do I go about switching my mortgage?

The process is simple. Three months before your mortgage matures, contact a BMO Mortgage Specialist to review your mortgage options. A BMO Mortgage Specialist will help you reassess your financial goals and find ways to better manage your total household debt, taking advantage of the accessibility and flexibility of BMO mortgage financing.

Before you consider the available options…

The one thing we can be sure of in our lives is change. Before switching, it’s wise to re-evaluate your financial situation so that your decisions are based on your current circumstances. For example, are you making more money now than when you initially purchased your home? Or are you on a tighter budget?[……]

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You’re thinking of buying your perfect home? You’re prepared for the down payment as well as the loan and tax instalments and insurance. You’re sure you’ve thought of everything. But have you really anticipated everything?

Buying a home is not only a matter of making loan payments! It’s important to anticipate other expenses. And since these expenses can impact the amount you put down, you need to keep them in mind during the buying process. These expenses* can include:

  • Appraisal fee ($350)
  • Welcome tax ($2,000)
  • School taxes ($500)
  • Home inspection fee ($150)
  • Municipal taxes ($2,000)
  • Moving cost ($1,000)
  • Home insurance ($400)
  • Lawyer (notary) fees ($1,000)
  • Loan insurance ($1,600)

[……]

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Having a service business, either alone or with partners, can offer many significant financial benefits. Seeing your income increase is a very real possibility. However, before undertaking this adventure, here are a few things to consider.

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Take advantage of a mentor’s advice

Entrepreneurs often mistakenly believe that mentoring is only useful when a problem arises. Asking for advice from a mentor is not a sign of weakness. On the contrary, an entrepreneur who seeks the advice of a mentor from the very beginning will be better prepared to handle difficult situations and can benefit from the mentor’s experience to make more informed decisions.
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Canada’s housing market rebounded in 2013 from the effects of stricter mortgage rules the previous year. In most regions, sales rose moderately above past-decade norms, supported by low interest rates and falling unemployment. Home builders kept pace with demand, encouraged by new household formation and steady price gains.

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Starting a new in a new country bears its share of challenges… thinking about education matters, finding a place to live and work, and understanding the intricacies of the local customs and language. Between settling in, managing finances and getting to know your new country, it is crucial to make sure that you obtain the right advice for your particular situation so that you can have the chance to accomplish every one of your projects in Canada.

On the financial front, you must also familiarize yourself with the Canadian banking system, such as your credit file, bank accounts, savings plans, taxes and currency. It’s with that perspective in mind that National Bank now offers banking solutions designed especially for newcomers to Canada.

A welcoming offer

In addition to standard services, which include online bank statements and access to our High Interest Savings Account, our newcomers offer affords you an array of benefits to help you transition into your new life with peace of mind, namely thanks to:[……]

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Reduce your mortgage debt faster with these money-saving strategies:

Shorten your mortgage

Many homeowners aim to pay off their mortgages in 25 to 30 years. Reducing your amortization period by five or more years can make a huge difference in the amount of interest you pay.

Increase your payment frequency

With more frequent and accelerated payments, you may pay a little more each month, but you’ll pay your mortgage down faster, saving you interest costs over the long term.

Horloge_Toit_Pret_Hypothecaire_ISTOCKPHOTO_financeTake advantage of your mortgage prepayment options

Pay down your mortgage faster and save thousands of dollars. Here’s how:[……]

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