• Start to prepare for your mortgage removal few months in advance
• Check your credit score. Use your credit cards and make your payments in full on time.
• Work on your monthly budget and cash flow based on your family income and expenses to see the impact on your household expenditures.
• Find a way to cut back on discretionary expenses, to see if you can make up some of that difference.
• Reduce payment shock and make a lump sum payment when renewing your mortgage or move to biweekly payments instead of monthly.
• Consider taking some funds from TFSA to pay down the mortgage. It is about comparing your current mortgage rate and interest rate on your investments.
• File your taxes up to date, last two years of your NOA will be required.
• Don’t wait until you receive the renewal letter from your lender. If you don’t act, the renewal of your mortgage term may be automatic.
• You don’t have to renew your mortgage with the same lender. You can move your mortgage to another lender if their conditions better suit your needs.
• Contact mortgage broker early for multiply lender options and to get the best interest rate and conditions of your new mortgage.

Sincerely,

                Margaret Zalewski