Welcome to the March issue of the News & Rate Advisor.
Source: Bank of Canada
Friday, 17 March 2017
Thursday, 9 March 2017
(NC) Sometimes, what starts off as a small renovation project can quickly escalate in size and cost. To avoid surprises, it is important to consider where to invest, where to save and how to budget as you embark.
For larger projects, refinancing your home or using secured borrowing accounts can be a good option to help cover costs. Often, interest rates on mortgages are lower than credit cards and loans, and it can be simpler to have one consolidated payment. PC Financial has a wide variety of low-interest mortgage options that allow you to earn PC Points, which can be redeemed for groceries, home products and clothing for your family.
To maximize your budget and ensure your renovation helps build value, here are some helpful tips from HGTV and Cityline design expert Karen Sealy on when to invest:
• Kitchen: Investing in modern amenities, while creating an inviting and functional space, will make this important room more enjoyable for you and appealing to future buyers.
• Flooring: Do your homework and invest in a high quality, timeless choice. Open concept living spaces are a trending aesthetic that can be enhanced by new floors.
• Curb appeal: Make your home more welcoming to visitors and potential buyers by investing in a beautiful garden with well thought-out lighting; redoing your walkways; and adding some simple architectural details.
Alternatively, here are some items Sealy says you can afford to save on:
• Tile: Comes in varying thicknesses based on use. Wall tiles can be thin — which is a cost saver — while floor tiles should be thicker. Consider porcelain tile, as it is durable and resists chips and cracks, making it a smart option.
• Cabinets: Consider updates to your cabinets instead of buying new ones. Easy changes like adding a bank of drawers or updating hardware could be just the transformation you need.
• Paint: New colour is an easy way to instantly makeover your space and achieve a fresh look. The most important step - good preparation and quality paint.
Before tackling your next big project, it is important to have a budget in place and make sure you are able to properly finance your renovation. PC Financial mortgage advisors can help you find a refinancing option that fits your needs and is in your best interest.
(NC) Whether you are trying to save on your current mortgage payments or freeing up cash for other endeavours, refinancing can be an effective way to achieve your financial goals. It can help fund a large purchase, or provide an investment back in the home to increase market value.
"Some homeowners may not realize that mortgage rates are still near record lows, which is great if you're looking to unlock some of the equity you've built in your home," says personal finance expert Barry Choi. "It's worth speaking to a PC Financial mortgage specialist to find out what options are available to you and best fit your needs, but remember not to overextend yourself."
Here are some reasons to consider refinancing your mortgage:
1. Sending your kids to university. With tuition prices at an all-time high, refinancing can help provide the funds necessary to invest in your child's education.
2. Lower monthly payments. If you purchased your home when interest rates were high, switching to a mortgage with a lower rate can help to reduce your monthly payments. A PC Financial mortgage has some of the lowest rates and offers rewards through PC Points that can be redeemed for groceries.
3. Major home renovations: Refinancing is a good way to re-invest in your house. Renovating and modernizing can drastically increase your home's market value, allowing you to increase your profits if you choose to sell later on.
4. Buying a second property. If you have been saving up for a cottage or second home, refinancing can help provide the extra funds necessary to finalize your down payment.
Monday, 16 January 2017
Welcome to the January issue of the News & Rate Advisor.
|Current Discount Mortgage Rates||Jan 2017|
|* Rates subject to change and OAC.|
|Canadian Qualifying Rate||Jan 2017|
Source: Bank of Canada
|Current Posted Mortgage Rates||Jan 2017||Jan 2016||Jan 2015|
|Nationwide Building Permits||Nov 2016||Nov 2015||Nov 2014|
|Current Bank of Canada Rate & Prime Rates||Jan 2017||Jan 2016||Jan 2015|
|Average House Prices by City||Nov 2016||Nov 2015||Nov 2014|
|Average House Prices by Province||Nov 2016||Nov 2015||Nov 2014|
|Prince Edward Island||$165,406||$167,875||$180,487|
Thursday, 4 August 2016
Welcome to the July issue of the News & Rate Advisor.
Source: Bank of Canada
Powered By GoMax Solutions
Click here to manage your subscriptions.