Markham Boxgrove Real Estate Blog

Helping Buyers and Sellers real estate needs in Markham's Boxgrove and Morningside Heights communities

Flaherty tightens mortgage lending...

What does this mean to you in a nutshell?

1.--> 1st time buyers will need more income to qualify because you need to be able to qualify for a 5 year term loan instead of lower interest variable loan.

2.--> Home sellers, expect prices to cool down and drop later this year because few buyers will qualify for loans and this will drive down demand.

Finally --> if you contemplating making a move... I don't need to tell you, the time to sell is "now". HST and tightening funds will have a double impact on those on the borderline of qualification and those who invest on speculation, resulting in fewer buyers for your home and lowering prices.

Click Here to Read full story.

A Painless Way To Cut Expenses

With the current economic uncertainty, many people are looking for ways to reduce expenses.  A relatively painless way to reduce your monthly expenses is to have a second look at the way you’re managing your debt.

Over time, most of us take out a variety of loans for different purposes.  These can include things like credit card debt, car loans, home renovation loans and, of course, the mortgage.  And if you have more than one loan, you’re most likely paying a different interest rate on each loan.  One of the easiest ways to reduce your monthly interest costs is to consolidate your debt at the lowest rate.  Typically, your lowest-rate debt will be a loan that is secured by an asset, such as your home. 

If you have sufficient equity built up in your home, consider switching to a product that allows you to access your equity, such as a home-equity line-of-credit.  Then, use this line of credit to repay your higher-interest loans. In this way, you’ll be bringing all of your debts together into a single account, at a single rate. Some line-of-credit products even allow you to track debts separately within the account so you can continue to keep track of interest costs and repayment separately.  Not only will debt-consolidation save you interest but it will make it easier for you to keep track of what you owe and how you’re progressing in paying it down.

Reducing your monthly expenses is one way to deal with economic uncertainty – and it doesn’t have to be painful.  By borrowing smarter you can reduce your interest costs and increase your cash flow each month.

If you’d like to learn how to reduce your monthly interest costs, give me a call and I can discuss some options with you.
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Jaspreet Jagpal is a Financial Advisor, Insurnace Specialist and a RESP Representative
She's fluent in English, Punjabi, Urdu and Hindi and works with clients in the Greater Toronto Area.
T: 416-312-9742 | Email: jjagpal@rogers.com | www.LetsMakeADeal.ca