Of Prime Interest: Make your mortgage work for you

Your mortgage can be a goldmine of savings to tackle the renovations or landscaping project you have been dreaming of.

  • Dec. 1, 2016 1:00 p.m.

Your mortgage is a powerful financial tool. Make it work for you.

Begin by having a financial check-up on your existing mortgage term with a mortgage broker for an independent analysis.

While a good investment advisor can earn you thousands of dollars, a good mortgage broker can save you thousands by finding the best combination of mortgage features and rates to suit your situation.

With mortgage in hand, talk about you financial goals—whether you are looking for a way to reduce monthly payments, save on your mortgage interest over the long term, pay down the mortgage sooner, finance a special project or buy a second home for your child while they pursue a post-secondary education.

Thousands of Canadians have been taking a look at their fixed rate-rate mortgages in the last few months.

Mortgage brokers don’t have an economic crystal ball, but it seems clear that with mortgage rates lower than they were in our parents’ generation, the odds of an upward trend in mortgage rates are pretty good.

So that means right now, you have an historic opportunity to get your mortgage working for you.

Even if your mortgage is not up for renewal anytime soon, it’s still worth a review to see if it can be renegotiated at a better rate.

Don’t assume that you are stuck with a fixed rate mortgage if it’s several points higher than today’s rock bottom rates.

A mortgage broker can access rates from a wide variety of lending institutions and provide professional analysis of your options.

A drop of a few points can save you thousands of dollars over the life of your mortgage.

What if the end of your mortgage is in sight? Good for you.

Either take a watch and wait approach or consider a blend and extend to combine your old rate with current rates to help you take advantage of the low current rate opportunity.

The current low rates are a boon to spenders as well as savers. Thinking about that home renovation? Or landscaping project this year? Ask a broker about using a mortgage to finance the project.

Mortgage rates are typically far lower than other types of loans or lines of credit so put your equity to work at rates that you couldn’t have dreamed of 10 years ago.

Whether your goal this year is to save or to save while you spend make your mortgage work for you.

Just Posted

Growing Okanagan tech sector hailed in new report

Study shows sector employees 12, 474 workers and is worth $1.67 billion to regional economy

Okanagan Sun tackle Chilliwack Saturday in BCFC action

The Sun will be looking for revenge at home after Corn Huskers beat them 22-18 earlier in season

Okanagan tech industry booming, contributes over $1.6 billion to regional economy

New study shows Okanagan tech sector contributes over $1.6 billion to regional economy

Kelowna church closes and makes room for Starbright

Starbright Children’s Development Centre meeting need for space with major real estate purchase

Black Mountain / sntsk‘il’ntən Regional Park starts to take shape

Student volunteers from three local schools work on trail building project

Pavement Patty slows drivers near Rutland Elementary

New survey reveals unsafe school zones during 2018 back-to-school week

Update: Search called off for missing plane between Edmonton and Chilliwack

Search efforts were concentrated along the Highway 5 corridor between Valemount and Kamloops

Why Whistler for ski jumping in 2026? Calgary proposal gets pushback

Calgary 2026 proposes re-using the 2010 ski jumping venue Whistler for that sport and nordic

Despite progress, threat of 232 tariffs dominates NAFTA negotiations

Any deal is seen to require congressional approval before Dec. 1 to survive new Mexican government

VIDEO: Hundreds line highway as family brings home body of B.C. teen

Northern B.C. showed their support by lining Hwy 16 as Jessica Patrick’s body returned to Smithers.

B.C. MP Todd Doherty receives award for saving man who collapsed on a plane

Conservative MP was flying from Vancouver to Prince George, B.C., in June last year

Alleged border jumper from Oregon facing 2 charges after police chase in B.C.

Colin Patrick Wilson charged with dangerous operation of motor vehicle, flight from a peace officer

More than 35 B.C. mayors elected without contest

No other candidates for mayor in the upcoming local election in 22 per cent of B.C. cities

‘Hero’ kid fighting cancer helping with B.C. Children’s Hospital fundraiser

Penticton’s Wills Hodgkinson helping raise funds for B.C. Children’s Hospital

Most Read