Bucket List - Getting Your Financial House in Order

May 25, 2023 | Posted by: Sharon Patton

Bucket List – Getting Your Financial House in Order

What's on your bucket list?

Your bucket list includes all the goals you may want to achieve and the life experiences and dreams you want to fulfill. It's often viewed as a 'to-do' list for the golden years of retirement, but your bucket list can also include items you can fulfill now or in the near future.

Financial resources are often needed to check items off your list, which is why your mortgage should always be a top focus. Your mortgage is the cornerstone of a sound financial plan and can help you take control of your financial future, so you'll be better able to achieve all that is on your list.

Let's look at some tips to help you do just that!

Speed Up Your Mortgage Paydown

Try and find a way to use your prepayment privileges every year...at least once. Tax refund, financial gift, small inheritance.... or just being more disciplined with your savings.

Deal With High-Interest Debt

If your credit card balance is more than you can pay off in the next few months - and especially if you have other loans - then you need to start a paydown plan. The right debt consolidation strategy could save you thousands and put you on the right financial path.

Sharpen Your Focus at Renewal

When your current lender sends you a letter saying it's time to renew....then it's time to get in touch with us for a second opinion. We will make sure you are getting the best option for your financial future.

Renovating over Relocating

The right renovation might be all it takes to turn the house you're in, into the home of your dreams. It is often less expensive to renovate than relocate! There are great financing options available. If this is in your future plans, let's chat and explore your options.

Take Care of Your Credit

It is so important to have good credit habits so you can qualify for the best mortgage rate. Pay your bills on time. Don't let your credit accounts exceed 30% of the credit available. Before you cancel any credit cards, get advice. And don't apply for a store card just to save on your purchase that day!!!

Choose Low-Interest Debt

Whatever your need might be - funding education, a large purchase, investment, renovations, or paying down your debt, your mortgage might be your most cost-effective financing option. Let's look at your options and save you thousands of dollars in interest charges a year.

Don't Leave Money on The Table

If you are buying your first home this year, you may be able to take advantage of the $5000 non-refundable Home Buyers Tax Credit. If you are doing some energy-efficient upgrades to your home there are some great incentives available for them as well. Not sure if qualify, ask us and we can look at the credit available to you.

When you take control of your finances, you can achieve all that is on your bucket list. Your mortgage is a key component, and we are here to help make sure it will get you where you want to go.

If you haven't had an annual mortgage check-up, no matter where you are in your mortgage term, we should have a look and ensure that it is still meeting your financial needs and goals.

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