TAKING THE PLUNGE — Cont’d from page 12
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.”
ANY TIME YOU CAN CONTRIBUTE TO YOUR PRINCIPAL ON YOUR MORTGAGE IT’S ONLY GOING TO PAY OFF IN THE END.
POH
LOCAL PRODUCT
649 Archibald St. Phone (204) 237-4509
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14 Parade of Homes fall 2019
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