12 Mortgage Tips of Christmas

General Mark Goode 19 Dec

1) How much of your mortgage principle did you pay off this year? If you have had your mortgage for more than one year, you have most likely paid off more than in previous years since your interest payments are reduced slightly with each payment you make. A quick glance using online-banking will answer this question for you.

2) How often did you take advantage of your pre-payment options? These include double up payments, annual payment increases and principle payments (some financial institutions allow you to pay up to 20% off your original mortgage balance annually)

3) What about your holiday bonus? Can a portion of it be used to make an extra payment on your mortgage? One extra payment per year over the duration of your mortgage lifespan will reduce your mortgage amortization by years, which means you will pay less interest in the long run.

4) Do you have a home-equity mortgage with a line of credit attached?
        • What to do: pay off a portion of the balance with any extra funds you earn in December.

        • What NOT to do:  finance your holiday expenses with your line of credit when you have no immediate game plan
           to reduce your balance. The last thing you want to do is spend the next 20 years paying off Christmas 2013!

5) Planning to buy in 2014? The holidays are a good time of year to discuss with family whether the upcoming year is the right time to purchase a home. Who knows, perhaps a generous family member will deliver a Christmas miracle and offer to help you out with your down payment!

6) PSST ! !  Mid-December to mid January is the quietest time of the year for your mortgage broker, typically. Therefore it is easier to spend extra time with you during a consultation.

7) Spring starts the third week of January in Squamish! Not only does the snow typically disappear for good by the January 21st but the spring real estate market ramps up by the third week too. With housing inventory down compared to 2012, shopping earlier in the year ensures you will have a better chance of finding your perfect home (and still obtain the great mortgage rate your advisor guaranteed you in November 2013)

8) Planning A Renovation in 2014? With time off at home over the holidays, you have time to focus on what needs renovating and what doesn’t (especially if you are entertaining a houseful of people; many times entertaining a crowd will determine where the limitation of your home lie).

9) Assess whether your home is still the right fit. Is your home big enough for a growing family or entertaining your out-of-town visitors? Is your home too large to manage, now that family members have left the nest? Upgrading to a larger home may require a mortgage preapproval. Downsizing may mean debt reduction/elimination and ultimately greater cash flow for you.

10) Determine when your mortgage renewal date is. If it’s in 2014, remember to start discussing your renewal with your mortgage advisor 6 months in advance and obtain an interest rate commitment no later than 4 months in advance of your renewal date.

11) Do you have ample life and disability insurance coverage? Your mortgage advisor is authorized to arrange Mortgage Life & Disability Insurance for you. Such a discussion also opens the door to the benefits of insurance in your financial plan. Depending on your needs, your mortgage advisor may also refer you to a licensed insurance advisor or financial planner for more comprehensive coverage.

12) Looking for a trustworthy realtor? A mortgage broker works with realtors daily. Based on your needs, your mortgage broker will match you with an experienced realtor who’s the right fit for you.

*Remember to support your friends and neigbours by shopping locally throughout the holiday season. Whether shopping for gifts or obtaining professional services, for Orillia’s economy to prosper, we must be mindful to “buy local” as often as possible. Happy holidays and a prosperous new year.

All the best ~ From all of us

 Mark, Brad, Diana, & Corin

 

Mortgage Man – Dominion Lending Centres | Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca | FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6 | All credits and copyrights to their respective owners.~ Corin Payie

This article was originally posted by Paul Hudson Squamish BC

Chamber of Commerce Welcomes 2013 President

General Mark Goode 17 Dec

ORILLIA – Mark Goode, 2012 president of the Orillia District Chamber of Commerce, has passed the gavel to board member Jed Levene.

A founding partner of Georgian Bay Financial Inc. on Mississaga Street West, Levene has been a chamber member for five years. He is a certified financial planner, chartered life underwriter and financial management adviser.

“Being part of the chamber is the best way to connect to the business community,” he said.

Levene’s goal as president will be to continue pushing the “shop locally” message, he said.

“The shop locally message was successful when it launched and I think the business community bought into that in a big way.”

Shopping locally isn’t just about spending dollars in Orillia, but it’s about recognizing local businesses are the heart of the community, Levene said.

Business leaders and professionals in Orillia make events like Streets Alive!, boat shows, car shows and sidewalk sales possible, he said.

“People need to recognize that,” Levene said. “Supporting local businesses just doesn’t keep dollars in Orillia, but it keeps all these community events possible.”

Levene is looking forward to working with the chamber’s new board.

“We have a great group of board appointees and I’m looking forward to hearing their ideas on how to further explore the shop locally message,” he said.

During his year as president, Goode — president of The Mortgage Man-Dominion Lending Centres on Memorial Avenue — is most proud of the improvements at the Port of Orillia. The Orillia District Chamber of Commerce runs the Port of Orillia for the city. The city invested $2.7 million in the dock project.

“The main thing we got done this year was the docks,” Goode said. “It was a huge project for all of us to get done, so we’re obviously very, very proud of getting the docks.”

Along with new docks, there were upgrades to the washrooms, gates added to the docks, electrical and water hook-ups, Wi-Fi was added and new computers were brought in.

Mortgage Terminology

General Mark Goode 16 Dec

Mortgage term:

Refers to how long the bank has agreed to lend you the money – typically from six months to five years. At the end of the term, you usually renegotiate a new term.

Amortization:

The length of time it will take to pay off the whole mortgage, often as long as 25 years. The longer your amortization, the lower your monthly payments, but the more you pay in interest over time.

Interest rates:

Interest is the cost of borrowing money, and the interest rate tells you exactly how much. Using this mortgage calculator, check the difference between borrowing $100 000 at 4%, 5% and at 6% at the same amortization. Surprising, no?

That interest rate not only affects how much you pay, it also affects how much you can borrow. So we will keep searching for the best rate available to you!

How big a down payment?

You want as small a mortgage as possible, which means making the biggest down payment possible. Just remember to set money aside for all the fees associated with buying a home (on average 1.7%). Not to mention moving, repairs, renovations, new furniture… think ahead.

The Home Buyers’ Plan – A little sweet relief

If you’re a first-time homebuyer with money in an RRSP, you can withdraw up to $25,000 without paying any income tax. If your spouse is also eligible, that’s $50,000. Ask your REALTOR® how to best take advantage of this plan.

Lock into an interest rate? For how long?

It’s a tough question. What if you ‘lock in’ for five years and the rate goes into a period of decline? That could mean you’re stuck paying more than you had to for a long time. But if rates were to steadily climb over the next five years, locking in for five years now would be a great move. Your REALTOR® may have a lot of good advice.

 

 

Mortgage Man – Dominion Lending Centres
| FSCO# 12254 | 180 Memorial Avenue | Orillia, ON L3V 5X6| Ph: 705-326-8523 | Fx: 705-326-8645 |  www.markgoode.ca |  Friend Mark on Facebook  Like our page MortgageManDLC | Connect your professional profile on LinkedIn   |  Follow us on twitter @GoodeMortgages |

 

Sharing Christmas with the children of Orillia

General Mark Goode 6 Dec

A happy reminder that we are accepting toys for the SHARING CHRISTMAS TOY DRIVE.
Your new unwrapped toys can be dropped off to our office at 180 memorial ave Orillia
monday-friday 9-5
Happy holidays and thank you for sharing the gift of giving this year!~

Teens and preteens are the most in need during this season as most toy giving is for infants and young children remember that board games and toys for the whole family are well received and promote holiday cheer through out the year! ~ — at 180 Memorial Ave Orillia.