If you’re feeling the budget crunch, rejig your mortgage to save money or free some up
Higher rates and prices are hitting Canadian homeowners in the (mortgage) pocketbook. Whether you’re trying to afford a home or stressing over your monthly budget, here are some money-saving strategies to work your mortgage to the max.
Put down a lump sum now
Want to get ahead of higher rates? If you’re sitting on pandemic savings, think about spending it on your future self by plunking it down on your principal (hopefully, you have the flexible options to allow it).
You could save thousands on interest costs and help provide a buffer against future rate hikes.
Save more with a conventional mortgage
If you have money put away, consider adding it to increase your down payment to 20% of the home’s purchase price. You’ll save on insurance premiums and have a lower mortgage…