Changes to the 'Stress Test' and what it means to you!
  
Mortgage Breaking News!
Minister of Finance, Bill Morneau, announced changes to the benchmark rate used to determine the "stress test" rate. Coming into effect April 6th, 2020, the new rate will vary and change regularly with the fixed rate. What this means for you? Roughly a 3% increase in buying power!
Let us know if you have any questions or want some more information on it!
Changes to the Stress Test
Your February Home Checklist
February can feel like the off month of the year--you've been through a few months of winter, but spring still feels a little ways off. Need something to do? How about ticking these tasks off your home maintenance checklist to keep your home clean, organized, and warm. Then you can just hunker down and wait for warmer weather.
Home Maitenance February Checklist
February can feel like the off month of the year--you've been through a few months of winter, but spring still feels a little ways off. Need something to do? How about ticking these tasks off your home maintenance checklist to keep your home clean, organized, and warm. Then you can just hunker down and wait for warmer weather.
Your February Checklist Home Maintenance Tasks Check:
* Caulking and grout around sinks, showers, and tubs; repair as needed.
*Regularly check roof and gutters for ice dams and icicles. Clean and vacuum curtains, window blinds, and ceiling fans
*HVAC system: vacuum and dust
*Clean garbage disposal: Run with crushed ice to sharpen, then with baking soda and citrus peels
*Test carbon monoxide and smoke detectors; replace batteries as needed
*Plumbing: check for leaks on supply lines to sinks and toilets
*Repair any interior wall damage; touch up paint as needed or paint an accent wall
*Electrical: Test and reset all ground fault circuit interrupter (GFCI) receptacles; check all extension cords for wear and tear
Home Care Tips:
1.Spruce up your entryway
Clean off the mud and snow, salt, and general dirt build up. Organize winter boots and gear and take a few minutes to thoroughly clean the porch, floors and put everything in its place.
2.Declutter your paperwork
Organize your bills and discard paperwork that has piled up. Set up your home workspace to be a pleasant area where you can tackle those bills and keep your life organized.
3.Purchase tax software
Get your tax information in order, and if you do your own taxes, now’s the time to order your tax software. Look for discounts, like AAA or employer benefits discounts, that can save you a good chunk of money.
4.Recycle e-waste
Collect your old cell phones, printer cartridges, and batteries and head to a recycling center or store that will take this stuff off your hands. Some stores offer discounts on print cartridge purchases when you recycle the old ones with them.
5.Make something for the people you love
Custom-made Valentine’s, baked goods, handmade gifts, and homemade dinners are always welcomed by family, friends, and partners. Treat yourself to some chocolate and flowers while you’re at it!
6.Book your summer rental
Make your warm weather plans now and put a deposit down to reserve your spot. You’ll be glad you booked that charming cottage or BnB now before the prime locations are all gone.
Go Debt Free in 2020!
Recent studies have shown that Canadians are struggling with more debt than ever before. If you are feeling the pinch, and you own your own home, you may be in a unique position to move into the new year bad debt free.
You may have heard the terms good debt and bad debt. Bad debt is high interest credit card and consumer debt. Good debt is lower interest debt that can be used to increase your overall net worth. Your mortgage is considered good debt. So, it makes sense to get rid of some of that bad debt and reduce the interest rate by rolling it into good debt.
At The Mortgage Centre Hometown Financial, we regularly help our clients get out from under crippling debt by refinancing their mortgages. In fact, it is not unusual for clients to save between three and five thousand dollars a month.
Imagine being free of high interest credit card debt and having extra money left over at the end of the month! What would you do with $3000-$5000 extra every month?
It's true that not everyone can completely eliminate their bad debts but many people can. Why not resolve to become free of bad debt in 2020! Call me today at 705-734-6804 to start the process.
|
