Your mortgage is unique, just like you
It is easy to assume that because everyone has a mortgage it’s a simple and clear cut process. Unfortunately, that isn’t the case — everyone’s mortgage and personal situation is different, and if you ever end up in a situation when you can’t pay your mortgage, the damage it can cause to your finances is hard to reverse.
There is no substitute for being proactive
Make it easy on yourself by asking your bank to sync up your mortgage repayments to be due when your pay-cheque comes in — for example, fortnightly payments if you get paid fortnightly, monthly if you get paid monthly, etc. Simple but really makes things a lot easier!
Unexpected repairs can really hit homeowners hard, so every pay-cheque drop a little bit of money into a repair fund — you’ll be thankful you did when unexpected, large expenses arrive.
Get an unexpected bonus or windfall? Use a portion to pay off an extra piece of the mortgage. Extra payments can make a large dent in the amount you’re paying on the mortgage overall, so when you can take advantage, do so.
Make your mortgage work for you
Mortgages are not just about the rates; some mortgages offer the ability to “pause” the mortgage for a month (for example, if you had a baby or lost your job), or maybe you can borrow against the mortgage to pay for home renovations? Don’t be shy in taking advantage of features, so long as you understand how they work.
Avoid hassles with cheques getting lost in the post by taking advantage of automated payments and transfers from your bank. It’s just easier and less chance for things to go wrong. Also signup for an email alerts your bank has — not that anyone needs more email, but it’s good to know immediately when funds are running low or there’s a banking problem.
RFG designs and manages your perfect mortgage
We know that the world of mortgages can be overwhelming. Thankfully, we have dedicated our careers to make sure that you won't ever have to worry about your mortgage again. At RFG, our clients are our family. We look design and look after your mortgage as if its our own so that you can rest easy knowing the experts are on the job. If you have any questions, let's have a conversation. You can send us a message here or give us a ring at 617-934-2400.