Top 3 Financial Points to Consider!
The last Bank of Canada announcement solidified as expected. Prime will stay the same for the coming months. Additionally, they’ve been forced they to take extreme monetary measures to keep the economy going.
What does that mean and how will homeowners be supported?
If you have a variable rate, enjoy the savings! But keep in mind once we see the economic climate improve, we can expect rates to rise. Whenever you hear “good” economic news, that’s the trigger to know a rise in rates is coming.
Mortgage rates are at rock bottom. A major bank (HSBC) came out with a variable rate below 1%! It’s a quick flash in the now as the promotion ends Jan 4th and is only valid on:
- purchases before Jan 4th
- must have CMHC insurance
- a purchase price of less than $1 million
- and 25-year amortization
The bank figures only 10% of those who apply may be eligible.
The cost of groceries is set to rise $700 a year for the average Canadian, slightly due to COVID-19, but mainly due to the weather extremes of drought and wildfire in the regions where we import meat, veggies, and supplies for the bakery.
So how does the average consumer make 2021 a money-saving year?
Try to plan your meals ahead to reduce waste and choose frozen veggies over fresh ones (they have the same nutrient values for a fraction of the cost)! Those who own a home are in a unique position to reviewing their existing mortgage to ensure you have your wealth and equity working to your best advantage. Right now approximately 75% of mortgage payments go towards their principal balance with today’s low-interest rates which, of course, will help keep your hard-earned cash in your wallet. Follow these top 3 financial points and be sure to commandeer your wealth!
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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