With a lot of discipline and determination, you can stay on top of your debts. Some decisions you make when buying a home can substantially reduce your interest fees.
Here are some things that could have a big impact on how much money is left in your pocket.
Make the largest down payment you can
This will reduce the amount of your mortgage and the length of time it takes you to repay it. To help you increase your down payment, you can use the Home Buyers’ Plan. To avoid paying interest needlessly, consider buying a smaller home and paying it off in a period of 17 years. Continue reading →
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.
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? Continue reading →
Cash damming is a strategy that allows taxpayers to gradually convert personal debt with non-deductible interest into debt for which interest can be deducted.
Who benefits from cash damming?
This strategy is intended primarily for unincorporated self-employed workers. Partners of a general partnership can also use the strategy with a few modifications. Individuals who own rental properties can also consider cash damming.