How Can You Begin Aggressively Paying off Your Mortgage?

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I'm often asked when the best time is to aggressively pay down a mortgage, so today I want to share some advice for those of you who are looking to do just that.
Truthfully, now is the best time to start aggressively paying down your interest rate. If you've gotten a mortgage in the last few years, you were probably able to get an incredibly low interest rate. In fact, it's probably somewhere around 4%, which is historically low when you consider the fact that rates are typically around 8%. When you have these ultra low interest rates, you are able to borrow hundreds of thousands of dollars for close to nothing!
If you have credit card debt, or other high interest debts, you need to pay those off first. You need to pay that debt off before you start paying off your low interest mortgage payments. Once you've paid off the highest interest debt you have, take the monthly payment you were putting toward it and combine it with the minimum payment you're making on the next highest interest debt. This will effectively double up your payments and allow you to pay off your debts a whole lot faster.

Once you've gone down the line, doubling up payments on your lower interest debts as you pay off the higher interest debts, it's time to take all the money you have budgeted to pay those debts and combine it with your minimum monthly payment on your mortgage. Most lenders have a clause in the mortgage that tells you your pre-payment conditions. Most lenders will allow you to pay a certain percentage of the mortgage amount every year. This could allow you to pay off your mortgage twice as fast, saving you thousands, if not tens of thousands of dollars in the process.
If you have any questions about this or any other real estate topic, we're always available to chat. Give us a call or shoot us an email at any time for the real estate assistance you deserve!

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Three Expert Tips About Buying New Construction

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Although I primarily deal with resale properties, I still work with builders quite often and I have helped quite a few families buy newly-built homes. I have a few tips if you're planning on buying a new home here in Calgary.
1. Hiring a real estate agent is crucial when you buy new construction. Builders usually have agents representing them, looking out for their best interests. You want that same kind of assistance as a buyer. Find an agent who will work with your best interests in mind! The best part is the builder will actually end up paying their commission, so hiring a Realtor to represent you will not cost you a dime! We know which upgrades are worth paying for and which are not, and know how to negotiate with the builder to get you the best deal possible.
2. The location of the home is going to be important as well.
Make sure you're getting good guidance on the lot that you're buying. Consider where you will be on the street and where you'll be situated within the entire neighborhood. Choose lots that back up into greenspace.
3. Make sure that you have great financing. It takes a long time to build a home, and a lot of things can happen during that time.
Interest rates will definitely be rising soon, so there's going to be a big difference in your mortgage payment if you wait to build. Just because you make an offer to a builder today doesn't mean you'll receive today's interest rates. Secure financing now while interest is low.
If you have any further questions, please don't hesitate to contact me. I've helped a lot of families in Calgary buy beautiful homes, and there's no reason why you shouldn't be next!