Krista Klein April 2020 Mortgage Newsletter -Edition #61 How to Save $1000s, Backyard fun, and Fun with SirPatStew

Krista Klein - Mortgage Broker

Powered by Pacific West Mortgages & Mortgage Architects

krista@kristakleinmortgages.ca
604 618 2017
http://www.kristakleinmortgages.ca

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Saves $1000s Simply by Switching Credit Cards

 

When we apply for a credit card we generally get lured into bonus points and rarely do we ask the questions….is there a lower rate? Most credit cards people have interest rates hover around the 19.99% mark with cash-advance at 22.9%.

 

THIS IS INSANE if you carry balances.

 

Did you know there is a good chance your lender offers low-interest rate credit cards?

 

For example, I have a RBC credit card that is the normal 19.99% interest with all the bells and whistles.

 

If I was carrying a $20,000 balance….what would that look like in interest costs a year?

 

$20,000 @19.99% APR

 

Annual interest =$3,998/interest a year

 

That is $333/month a month.

 

If I picked up the phone and asked to switch to a low interest rate. In this example, I am switching to the RBC rate advantage rate of prime+4.99% (8.99%)

 

$20,000 @8.99%

 

Annual interest = $1,798/interest paid a year

 

That is $149.83/month

 

Total savings - $2,200 a year

 

If you are carrying any balances, google your lender's credit card options then pick up the phone and start saving!

 

Use this credit card savings calculator to easily calculate your savings your to switch now Credit Card Interest Calculator 



How to Start a Garden

 

I love gardening and if you are able to find any space outdoors and indoors to start one... now is the time! 

I started my tomatoes indoors and will be transplanting them outdoors this week. 

Here is a how-to guide to help you grow your own food this summer season! Start a Garden



B.C. Emergency Benefit

 

The B.C. Emergency Benefit for Workers will provide a tax-free, one time $1,000 payment for B.C. residents whose ability to work has been affected due to COVID-19.

So pretty much, if you qualify for the CERB, you qualify for the $1000 one time payment from the British Columbia provincial government. For more information on how to apply click here.



Bringing All the Birds to the Yard

 

My new favorite pastime is watching is watching birds. To attract a variety of birds, I purchased a bird feeder and a hummingbird feeder from Birds Unlimited.

 

We have been enjoying a variety of different birds enjoy the feeder.

 

Bird Unlimited was amazing. They have many store locations. I ordered the feeder online and the owner personally drove it over to my place and dropped it off.

My favorite bird so far that enjoyed some seed was a Stellar Jay. 

 

Check out their website here for all your bird needs: https://www.wbu.com/



Cash is King

 

Cash is King! I am sure we have all heard this saying before and it means more than it ever has.

 

Now is time to get your financial house in order.

 

When you look at your personal finances, are you carrying credit debt? Credit card debt can be the hardest debt to pay off especially if you are only ever paying the minimum required.

 

The easiest way to consolidate this debt into the lowest interest rate is by paying it off with the equity of your home.

 

How do I do this?

 

In Canada, we are allowed to refinance your property up to 80% of the value. This means, if you are sitting on some equity in your property…. you can refinance your existing mortgage plus pay off any credit cards/lines into your mortgage.


Some clients even pay off their car loan with their equity to increase their cashflow and to lower the interest amount paid.

 

You can also pull out additional funds to just keep aside for a rainy day.

 

If you are carrying high interest credit card debt you just can’t seem to get pay off, contact me and we can run the numbers together to determine what makes the most sense for you!



My Star Trek Peeps Never Disappoint

 

These are 2-welcome distractions. As most of you know...I am a huge fan of Star Trek and the actors who acted in them. 

1. Levar Burton, famous for Reading Rainbow and Star Trek The Next Generation, reads short stories on his podcast. You can find the details here

2. Sir Patrick Stewart is entertaining us by reading a sonnet a day for every day we work together to flatten the curve. He can be found on instagram at @sirpatstew

I hope this brings you joy!



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