Facebook  Call us now: 866.559.5016    |    Find us on Google Maps →

Mortgage Research

Mortgage Research

Four Ways to Take Control and Thrive in a Challenging Market

Couple reviewing their finances

If you’re struggling financially as a result of increased living expenses and interest rates, you are not alone.

A lot of Canadians are feeling a little helpless these days, with talk of rising interest rates and inflation dominating news headlines. The good news is that there are still ways to save money and increase your monthly cash flow even in an atmosphere with higher interest rates than we’ve been used to over the last few years. Here are a few proactive things you can do to take control of your financial situation:

Anytime is a good time for a mortgage review

An analysis of your current mortgage terms may reveal opportunities to improve your situation. For example, you might be able to refinance your mortgage and consolidate any other high-interest debt to cut your overall monthly payments or you may want to consider increasing your amortization or possibly changing your payment frequency to lower your mortgage payment. 

Don’t sleepwalk through your mortgage renewal

If your mortgage is renewing this year, you may be receiving (or have already received) an automatic renewal notice from your lender. Don’t accept their renewal offer without talking to a mortgage professional first! In most cases, we can shop around and negotiate a better rate than what you’re being offered. 

Plug the Money Leaks

Take a very hard look at your spending and challenge yourself to find ways to save. Every little bit helps – cancel one (or more) streaming services, cut any impulse spending, dine out less, consider carpooling, take advantage of price matching at your local grocery store …the list goes on and on. 

PRO TIP: Print off your credit card statements, highlight the items you didn't realize were still active or you aren't using anymore, and cancel these services.

Supplement your income

Tap into your talent or skills and consider turning that into a money-making side gig. Or if it’s feasible, consider building a rental unit in your home and let renters help you pay your mortgage. Any extra income can be put toward paying off debt, paying down your mortgage or just providing the much-needed breathing room every month.

Even in a higher-interest rate situation like the one we're in right now, there are still options available to reduce monthly spending and increase cash flow. You may make a more financially secure future for yourself and your family by examining the conditions of your mortgage, making cost reductions, and increasing your income. And although some of these choices may not be the most comfortable in the short term, the long-term payoff is well worth it.

Whether it’s managing your current situation, or looking to your future situation in regard to your home, building a plan is the best way to help you take charge of your financial destiny.

Let's Start Building Your Plan

Are you ready to reach your financial goals, including owning your own home? Let's talk! The House Team can help you maximize your financial fitness, build wealth, and reach your goals.

Get in touch with your knowledgeable mortgage broker from The House Team today and learn how you can start working out your finances and attaining your financial goals. Call us today at (866) 559-5016!

Login to post comments.