Managing Your Mortgage. Whether you are thinking about buying a home or refinancing an existing home, it is important to make informed decisions that will help make homeownership feasible and affordable over the long term.
A Mortgage Broker from Client First Mortgage Solutions can assist you with Managing Your Mortgage and find the right options to help you achieve your financial goals.
Know how much money you owe
It is normal to want to hide from how much debt you have. It may not seem like it will help reduce stress while you are crunching the numbers, however adding up your debt can help you determine a debt reduction strategy that will work for you. Knowing what you owe and at what interest rates, lets you prioritize your debt reduction goals.
The most common forms of debt include:
- mortgages
- car loans
- personal loans
- lines of credit
- credit cards
- student loans
- money owed to CRA
Know you bottom line
What are your living expenses? Subtracting your fixed and variable expenses from your income will help you determine whether your spending habits are sustainable and if they align with your financial goals.
It is also important to adjust your budget so that you can put funds into your savings.
Know your credit score
Having a great credit score benefits you in many ways.
It can help you:
- get the best mortgage rates
- with your rental application (if you are a tenant)
- get approved for a credit card, car loan or line of credit
Know what COVID-19 relief programs can help you
As Canada experiences the second wave of the COVID-19 pandemic, the government and many financial institutions continue to address financial concerns stemming from illness, reduced income, and/or job loss.
You can plan ahead to see what supports are available to you if your income is impacted by the pandemic.
- Check your bank or lender website to see if you qualify for deferred payments or reduced interest on your credit cards, lines of credit, or other consumer loans or mortgages.
- Check the federal government’s COVID-19 Economic Response Plan page for updated information on the programs you qualify for.
Finally, reach out to your Client First Mortgage Solutions Mortgage Broker if you have any concerns about your payments. We may be able to find solutions that can reduce your monthly debt obligations and interest charges. Contact us today!
