CONSUMER
ANY TIME YOU CAN
CONTRIBUTE TO
YOUR PRINCIPAL ON
YOUR MORTGAGE IT'S
ONLY GOING TO PAY
OFF IN THE END.
Another option to consider is CMHC's Improvement
Program, which allows buyers to borrow additional funds
to put toward the cost of renovating their property.
"It's a little bit of a better option for you if you need
to do some upgrades because you're going to be
paying a mortgage rate on that money as opposed to
a higher interest rate on a line of credit," Nurse says.
Another piece of advice she offers to home buyers
is to take advantage of any opportunity to pay down
their mortgage's principal, even if it's only an extra $20
each week.
"Any time you can contribute to your principal on your
mortgage it's only going to pay off in the end."
It's also important to have insurance in the event something
happens to you or your spouse that reduces your ability
to pay a mortgage. A number of insurance options are
available to homeowners: Disability insurance covers your
mortgage payment in case you are sick or recovering from
an injury, and critical illness insurance pays your mortgage in
full if you are diagnosed with cancer or suffer a heart attack
or stroke.
Even though most young people don't think about getting
sick or injured, Nurse says there will likely never be a
better time for them to purchase insurance than now,
when premiums are relatively low. It can also provide some
invaluable peace of mind.
"It's never going to be as affordable as when you're young,"
she says. "That's the time when you should start thinking
about the fact that you now have an asset and possibly a
young family to protect."
TAKING THE PLUNGE
— Cont'd from page 12
POH
CREDITORS
COST
LEND
14 Parade of Homes fall 2019
classicfireplaces.ca
649 Archibald St.
Phone (204) 237-4509
LOCAL PRODUCT
