Maximizing Your Mortgage Renewal: Strategic Insights for 2024 | FirstOntario Finance Friday

Welcome to another insightful Finance Friday episode brought to you by FirstOntario Credit Union. Aired on February 2, 2024, on CHCH Morning Live, FirstOntario COO Mark Perkins dives deep into the critical decisions surrounding mortgage renewals in the current economic landscape.
As interest rates fluctuate, making informed choices about your mortgage can significantly impact your financial well-being. In this segment, we explore the pros and cons of renewing your mortgage short term vs. long term, considering the declining interest rates, and whether a variable rate mortgage might suit your needs better. With examples based on current rates, we provide a clear picture of monthly payment changes and how they could affect your budget.
Understanding the past low-rate environment and its unlikely return helps us navigate the high borrowing costs of today. We discuss preparation strategies for the inevitable rate increases, including government stress tests, refinancing options, and the benefits of a Home Equity Line of Credit (HELOC).
FirstOntario is here to guide you through these crucial decisions. Whether you're renewing your mortgage or stepping into the housing market, our advice is tailored to empower you with knowledge and confidence.
Subscribe to our channel for more Finance Friday tips, and contact our team for personalized advice. Your financial well-being is our top priority. #MortgageRenewal #FinanceFriday #FirstOntarioCreditUnion #InterestRates2024
At FirstOntario Credit Union, we know strong financial literacy is key when making confident, informed decisions about money, including when you should spend it, why you should save it and how to make it grow. Join us every other week for Finance Friday episodes on CHCH Morning Live, where we discuss different ways to make the most of your money and address viewer questions. You can send in your questions to [e-mail].
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