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What should I be doing with my mortgage?

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Mortgages in Mississauga are Emily Miszk's Favourite thing!

“What should I be doing with my mortgage?” I have been fielding THIS QUESTION for over a decade. Here are a few things I suggest my clients consider before making a change to their current mortgage at renewal.

My advice? Know your options. Ask if there are flexible payment features that can help you prepare for the unexpected.

  • Ability to pay down your mortgage faster (increased amount)

  • Speed up or slow down payments (frequency)

  • Make a lump sum payment (balloon payment)

  • Skip a payment or double payment

By making a lump sum to your mortgage lenders often allow a lower payment to your mortgage to free up monthly cash flow. This is a great tool to keep your mortgage on the current timeline as agreed when you signed your paperwork but will allow you to decrease your payment with the current increased rates.

Extending to a longer amortization period could be a valid option for some homeowners, however, you could be subject to credit approval as part of the refinance. There are also other costs such as legal or appraisal fees that are to be considered. Speak to a mortgage professional to see if this is the best option for you.

Revisit the terms of your existing mortgage.

Here are some great questions to ask yourself with your mortgage professional of choice to help isolate the right solution for you and your family.

  • Do I think I might be moving within the term of my mortgage?

  • Will my rate be increasing at renewal?

  • Do I have other debts that are eating into my current cash flow/budget?

  • Fixed or variable and understanding each product feature?

These questions can help identify the best term and product for you. This is not a one-sized shoe. Take the time to dig to see what might be best for you today.


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