Tag Archives: BMO

Portrait of young happy couple calculating budget

Want to be mortgage-free faster?

5 tips for making a dent in your debt.

According to a BMO 2015 home-buying report, the average Canadian expects to pay off their mortgage by age 59 — but 31 per cent think they’ll still have a mortgage by their 65th birthday. Looking to ditch your debt quicker — without over-extending your budget? It may save you hundreds (if not thousands) in the long run.
The biggest benefit is saving money on interest charges. The longer it takes to pay down your mortgage, the more you’ll pay in interest. The BMO report found that, on average, Canadians believe they’ll pay approximately $60,000 in interest on their mortgage (and this number hits $100,000 for B.C. residents).

First-time homebuyer tip: Curious how mortgage payments work? It’s all about the amount of money you’re borrowing and the length of the loan. Based on these factors, your lender will calculate your payment schedule. Some of your payment will go toward interest (the amount paid on the amount you borrowed), and some will go toward your principal (the amount initially borrowed under the mortgage). You may pay more toward interest than principal in the first few years of your loan, and more toward principal in the later years. Calculate your potential payment schedule with our nifty mortgage calculator.

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Helpful tips from BMO Bank of Montreal

Take it or toss it? Six ways to decide what goes or stays before you move

Packing is a great opportunity to purge.

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Squeezing all your belongings into boxes may not be a fun way to spend your free time before you move. But, packing can provide the perfect chance to weed out any extra belongings, and start fresh.

Before you wrap up a single cereal bowl or framed photo, try the following tips to avoid moving a ton of unnecessary items into your new home.[……]

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Helpful Tips from BMO Bank of Montreal®

Retiring and want to relocate?

Consider these 3 pros and cons.

While nearly half of Canadian homeowners don’t plan to sell their homes when they retire, many are still unsure what they’ll do. Moving to a new city or downsizing to a more compact home can offer advantages but, depending on your goals, a few disadvantages as well. If you’re thinking about a post-retirement move, consider these pros and cons before you start packing:

When you relocate to a new city or property…

  • PRO: Save money on daily expenses: If you relocate to a less expensive area, you’ll be able to stretch your retirement savings further. Consider the benefits of a suburb vs. city, and look to exotic areas that provide a lower cost of living. Need a little inspiration? Mexico, Panama, and Costa Rica are popular post-retirement spots for Canadians. Or, look to Buenos Aires, Argentina, where you can rent a one-bedroom apartment (in a good area!) for as little as $400 a month.
  • CON: Spend money on moving costs: Even if you’re exchanging your current digs for a less expensive property, moving isn’t cheap — real estate agent expenses, land transfer tax and moving costs can dissolve a big chunk of money. In Toronto, for example, land transfer costs, legal fees and moving expenses alone could be $15,000 or more. Plus, you’ll have to consider the cost of traveling to visit family, but if you pick a tropical locale, Canadian relatives may be more likely to come to you.

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Helpful Tips of the Month from BMO

Five fun ways to help your preschooler learn about money.

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It’s never too early to help them make sense of money.

If your kids can count, they can start learning about money. At this young age, a great way to teach them is through multisensory experiences that include lots of play, songs, and arts and crafts. Here are five fun ways you can engage your little one in lessons about dollars and cents:[……]

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