Of Prime Interest: Time for a mortgage financial check-up

Situations in your life change, and it’s important to assess how that can or will impact your mortgage.

  • Dec. 7, 2013 7:00 p.m.

While about 80 per cent of Canadians visit a doctor at least once a year for a health check-up, that figure is far less for those who review the financial health by their mortgage.

Plenty can change during a standard five-year mortgage payment period between interest rate adjustments—a career change, kids, retirement, newfound money.

Managing your financial lifestyle is just as important as managing your diet and exercise.

People often just wait for a renewal letter before looking at their mortgage, and even then they’ll send the contract back thinking it is futile to consider changing terms or providers.

Consumers tend to become complacent about their mortgage payments when they could have an opportunity to save money.

Interest rate changes tend to be most visible variable.

You’re making a commitment to be mortgage-free in 25 years so you should have a longer term view of what interest rates will look like over that period

As well, an existing mortgage can pay for home renovations, or to consolidate debt.

If you’re buying a new home, you may be able to use your current mortgage. A mortgage can also help you become more tax efficient if you’re thinking of investing in a business, buying a rental property or putting some money into mutual funds or the stock market. That’s because the interest paid on money borrowed on a principal property can be written off against revenue from those investments.

Situations in your life change, and when they do it’s important to assess how that can or will impact your mortgage.

Just Posted

Memorial for popular Lake Country teen to be live streamed

A memorial service for Derek Flowers-Johnson will be held at 1 p.m.

Kelowna weather: Snow today, sun tomorrow

It’s going to be messy out there today with a 40 per cent chance of flurries

Lake Country mental health facility takes holistic approach to recovery

Healthy Essentials Clinic is more than a medical arm

Rockets look to Giants Saturday after dropping close match to Everett Silvertips

Kelowna looks to bounce back after a tight loss to Everett Friday night

Rockets drop close match to Everett Silvertips

The Rockets lose 3-1 to one of the WHL’s best

VIDEO: Historic night in Red Deer as 2019 Canada Winter Games kicks off

Star-studded Opening Ceremony features athletes from across Canada

Man and woman shot in targeted incident in Kamloops

The shooting happened yesterday afternoon

Ontario police field complaints over Amber Alert for missing girl, 11, found dead

Some said the Amber Alert issued late Thursday for Riya Rajkumar disrupted their sleep

Names keep adding to vaccine petition started by B.C. mom

Maple Ridge mom started campaign to make vaccination a condition of attending school

Northern B.C. First Nation clan says ancient tools found at pipeline work site

Archeologists from the Smithsonian Institute estimate one of the stones found dates back up to 3500 years

Wilson-Raybould resignation stokes anger, frustration within veterans community

Liberals have had three veterans-affairs ministers — Kent Hehr, Seamus O’Regan and Wilson-Raybould

Letter: Pets are not food, they’re family

Kelowna - “Over the past three years, I have saved eight pups from the dog meat industry.”

Letter: Residents need to demand that Kelowna council values opinions

RE: Agassiz Road residents and The Bench 1 condo owners

Most Read