Ways to feel good about your credit this year - Ingrid Bjel McGaughey - Mortgage Broker
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I'm a Toronto-based Mortgage Broker. My focus: to mentor and educate first-time home buyers, people with less-than-perfect credit, and people in business for themselves, to make the best mortgage choices for them.
Ways to feel good about your credit this year
What’s on your financial bucket list?
Your bucket list includes the goals, life experiences, and dreams you want to achieve, not just in retirement but also now or in the near future.
Here are some tips to help you achieve your financial bucket list!
Deal with high-interest debt
If your credit card balance is more than you can pay off in the next few months – and especially if you have other loans – then you need to start a strategic paydown plan. You could also consider replacing the high interest debt with lower interest mortgage debt. The right debt consolidation strategy could save you thousands.
Remember to use your mortgage privileges
One aspect of your financial dreams that’s important to focus on is your mortgage. Your mortgage is a key part of your financial plan, helping you take control of your future finances. Try to find a way to use your prepayment privileges every year… at least once. A tax refund, financial gift, work bonus… Even a little set aside each paycheck. All of those can be used to put a little extra toward the mortgage.
Sharpen your focus at renewal
When your lender sends you a letter saying it’s time to renew… then it’s time to get an expert second opinion. Make sure you’re getting the best deal possible.
Renovate rather than relocate
The right renovation might be all it takes to turn the house you’re in, into the home of your dreams. It is almost always less expensive to renovate than to relocate. There are great financing options available if that’s what’s in your future this year.
Take care of your credit
Good credit is key to achieving your bucket list because it helps you get better financial deals. With a strong credit score, you’re more likely to be approved for loans and credit cards with lower interest rates. Even your mortgage rate can be affected by your credit score. By keeping your credit in good shape, you’ll have the financial flexibility to tick off those bucket list items. So… Pay your bills on time. Don’t let your credit accounts exceed 30% of the credit available. Before you cancel any credit cards, get advice. And don’t apply for a store card just to save on your purchase that day!
Choose low-interest debt
Whatever your need might be – funding education, a large purchase, investments, renovations, or paying down debt, your mortgage might be your most cost-effective financing option.
Separation or divorce
Your home can be the asset that gives you both a fresh start. And if one of you wants to keep the marital home, there are some great mortgage options available.
Mortgage checkup
Get one every year, no matter where you are in the life of your mortgage. Your car gets taken in for regular servicing… shouldn’t your biggest investment get the same kind of attention?
Feel free to get in touch to chat about your financial goals, and how your mortgage could help you achieve them.
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