Mortgage Matters: Financial Solutions Moving into 2024 (Part 2)

As financial goals have been set for the fiscal year of 2024 its time to put the plan into action!  In my previous article I provided a break down of recommendations and specific information to obtain regarding your current Mortgage Financing. With Bank of Canada’s the next review of mortgage rates on January 24^th we anticipate further decreases which looks promising.

With the various options to obtain Mortgage Financing as per my previous article you now have a foundation to work from. There are many factors to consider; timing, costs, additional expenses, possible mortgage penalty and obtaining extra funds to tide your expenses over for the entire year of 2024.

When refinancing your current Mortgage you may be required to not only pay off creditors but close those accounts, have you taken into account that you may have credit card points to redeem, travel points to use, credit card cash back allowances etc. A thorough review to ensure you take advantage of all of the above is necessary. Are these cards used by adult children for Post secondary School expenses? Are you paying off an automobile loan which your adult child drives? Did you know that  RESP funds can now be used for a wide variety of post-education expenses such as rent, furniture, meal plans, school supplies, course accessories? Have you taken advantage of these benefits?

As you narrow down the amount of funds you require to consolidate your debt it is time to inquire on the qualifications of obtaining the mortgage funds. You need to ensure all costs of this transaction are included, additional funds for any unexpected costs and additional funds to tide you over in 2024.

There are various mortgage products that can facilitate your specific needs and allow for flexibility to pay down the mortgage if the opportunity arises. Next you should consult a trusted mortgage professional to aid you in determining the amount you qualify for, a suitable mortgage product and favorable terms and conditions of the product.

If your mortgage qualifications are challenging and access to funds available are limited then it’s time to consider a short term product solution such as a 2^nd private mortgage, product that offers cash back, interest only payments, 35 year amortization option, adding a co-signer or additional applicant, adding an adult child who is employed full-time or possibly a blanket mortgage whereby a mortgage lien is placed on 2 properties owned.

As narrowing down the best mortgage solution options is complicated, it is the fiduciary responsibility of a licensed mortgage professional to provide a suitable solution for your specific circumstances.