Your mortgage: Are you ready?

For many years, changes in mortgage rates and terms have been good news for home-owners. Those "good old days", say many experts, are coming to an end. We dont know when, but we can be sure that at some point the rate on your mortgage is going to go up. On a $500,000 mortgage at 6%, a change of just 1% could increase the monthly payments by $300. It's time for homeowners to be prepared.

In considering your options, take stock of what has changed for you financially since you took out your mortgage. If possible, lowering the amortization period (from, say, 30 years to 25 years) will make a very significant difference in the total amount you pay for your home, and it will build up your equity more quickly. The same is true if you happen to come into an unexpected windfall, and can put that money directly into paying down the principal.

Starnews encourages you to plan now to avoid budget woes. Consider transferring your mortgage now to a lower term with us, or to work at paying down your mortgage as much as possible while interest rates remain low, then refinancing to keep your payments in line.

Here are some options available on Starnews mortgages that can help you pay off your mortgage sooner:

1. Lump sum payments accepted  up to 25% prepayment annually without penalty.

2. Increase payment options of up to 25% once per year.

3. Weekly or accelerated payments.

Call today by dialing 416.366.5534 or 1.877.782.7639, and find out if youre ready.