February is Mortgage Health Month

Stick out your mortgage paperwork and say, “Ahhh!” It’s time for your annual mortgage health check up.

Mortgage experts agree that if you make time for a quick review at the beginning of each year, it may yield you some fruitful financial savings.

Your 2014 home loan review should examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Perhaps your home is financed through a first and second mortgage?

If so, reviewing your options to combine the two could result in having more money left over at the end of each month.

With interest rates near historic 40-year lows, now is the time to investigate all your options and perhaps save yourself thousands of dollars per year! Imagine what you could do with the savings – anything from renovating or investing to going on a much-needed vacation or putting money towards your children’s education.

During the past couple of months I’ve had the pleasure of helping a lot of families lower their interest on their mortgage and consolidate their debt.

One family in particular had an extreme amount of savings. They had good credit, but high amounts of debts, mostly because of some renovations, but the husband in the family was also let go from his company due to some downsizing so naturally they used credit to keep the household humming.

Their interest rate went from 5.30% to 3.29%, and we paid off $65,000 worth of debts. Their total household payments were lowered by over $1,000 per month!

With the global economy being mostly recovered, and Albertans being mostly sheltered from the effects of the past few years and interest rates inevitably rising in the long term, time is of the essence to try and save as much as possible.

The better the economy performs, the higher the interest rates to offset inflation. Federal Finance Minister Jim Flaherty says to expect further fixed interest rate hikes as we move forward, hence all the safe guards in place to ensure Canadians can afford rising rates.

Additionally, no review would be complete without examining your options for mortgage insurance and whether you really have the protection your family deserves.

Many mortgage brokers also offer mortgage protection plans, and can make recommendations that will protect you and your loved ones now and into the future.

Completing a straightforward review with a qualified mortgage professional will keep your home financing as lean and trim as possible. In other words, you will have a clean bill of mortgage health, which is just what the doctor ordered.

Jean-Guy Turcotte is an Accredited Mortgage Professional with DLC Regional Mortgage Group in Red Deer.

Just Posted

FCC host forum featuring sportscaster Brian Williams

The forum is part hopes to educate, reenergerize, inspire and inform producers

Country star Brett Kissel releases new album

Kissel excited to make a stop in Red Deer

Westerner Park takes home international prize for Urban Farm Project

Organizer said she wanted to create an urban farm that would connect urban dwellers to agriculture

Glamorous Red Deer clothing on display

Red Deer MAG showcases stylish dresses worn through the City’s history

Santa launches holiday blood drive at Red Deer clinic

The Berry Family was on site to encourage others to give blood

CP Holiday Train steams into Lacombe

The Canadian Pacific Holiday Train delighted residents of Lacombe on Dec. 6

VIDEO: ‘Last Jedi’ premiere kicks off with droids, Daisy Ridley

Latests Star Wars film premiered in style ahead of Dec. 15 theatre debut

Higher winds could complicate California wildfire fight

The expected strength of the winds have reached uncharted territory

North Korea says war is inevitable

North Korea says war is inevitable as allies continue war games

UPDATE: Al Franken resigns from Senate amid allegations

Announcement coming from Sen. Franken amid fresh accusations

Australian Parliament allows same-sex marriages

The Australian Bureau of Statistics said 62 per cent of registered voters favoured reform.

YouTube Canada Reveals the top videos of 2017

From a sea lion that got a bit too frisky to a toddler stealing popcorn from Prince Harry - we watched it all

Canadians urged to exercise caution in Middle East ahead of protests

Protests are in reaction to Trump’s announcement that the U.S. will recognize Jerusalem as the capital of Israel

Feds planning to push back delivery date for new fighter jets: sources

The Liberals had planned to buy 18 Super Hornets

Most Read