7 Jun

Paying off your Mortgage Faster

Mortgage Tips

Posted by: Katya Ells

Pre-Payment Privileges

Depending on your lender it’s likely you have the option to make pre-payments up to a certain amount on your mortgage. Taking advantage of these pre-payment privileges means paying off your mortgage faster without being penalized. Pre-payment privileges can be used through increasing your regular payment or making lump sum payments. It’s important to keep the percentage of just how much you’re able to pre-pay per year in mind, as going over that eligible amount can cost you in penalties.

Increase regular payment
savings accounts

You’re able to increase your regular payment anywhere from 10%-100%. When increasing your regular payment, you’re eliminating more off the principal of the loan which in turn lowers the life of your loan.

Lump Sum Payments

Making lump sum payment will not only decrease the amount of interest you’re paying but it will shave years off the life of your mortgage! Lenders allow anywhere from 10% – 20% pre-payments of the balance of your mortgage per year.

More Ways for Paying Off your Mortgage Faster…

Accelerated Payment

Increasing the number of payments you make a year on your mortgage will assist in paying off the principal of your loan much faster. If you’re paying your mortgage bi-weekly, try increasing that to accelerated bi-weekly. If you’re paid bi-weekly and the odd month you get paid 3 times instead of 2, your mortgage payment will follow that schedule as well, knocking years off your mortgage loan.

Same Payment on lower Rate

If your mortgage is coming up for renewal and they offer a lower rate than you’re currently getting, ask to keep your payments the same. This way you’re putting more towards the principal of the loan, plus it’s no change to your regular payment making it easy to keep that budget on track!

Contact your Mortgage agent to lean more about paying off your mortgage faster.
Learn more at www.katyaells.ca 

1 Feb

4 things to Review when it’s time to Renew you Mortgage

Mortgage Tips

Posted by: Katya Ells

Since you signed your last mortgage commitment, what has changed? Probably a lot. Here are some key points to consider when your renewal period approaches!

1. Income

Has your income or employment changed?
New Employment?
Promotions?  Demotions?
Time off /disability income?
If your employment or income has changed, this can affect you renewal options.

2. Debt 

Are you having trouble making ends meet? Living Paycheque to paycheque?
Maybe a refinance would better suit your current needs. Or do you have more room in your budget than ever? Consider a mortgage provider that allows larger pre-payments.

3. Credit

Is your credit sparkling clean?
Have you had some troubles staying on top of paying the bills?
Credit has the most affect on your renewal offer. Banks, Mono line lenders and Credit Unions are proactive to pull your credit bureau to help determine what they are willing to offer you rate wise.


Do you want to pay off your mortgage as fast as possible?
Do you want to pay off debt once and for all?
Are you thinking of moving?
Your mortgage should and can suit your current needs and future goals!

All of these questions play an important role in the renewal process, they can help aid you in the direction of a specific mortgage product that can help you achieve your goals. Contact Kat today for a mortgage checkup to ensure you’re in the best possible position upon renewal.


Many times I have seen clients experience ‘rate shock’. There 5 year term is coming to an end with a fixed 2.99 and their lender is now offering them 5.14% what seems to be a massive increase in their eyes. Each year consider increasing your mortgage payment to help cushion rate shock and payment increase.

1 Nov

4 Things to ask yourself when you think you’ve found ‘the one’ (Your first home)

Mortgage Tips

Posted by: Katya Ells

You’ve been looking for houses, trying to find the perfect first home for yourself and maybe a partner, but how do you know if it is the right house for you and the right purchase for your future? These 4 questions will allow you to analyze your purchase before you make the offer!


List of home items

  1. Top 3’s – keep & compromise

Before looking at homes, create a list of 3 things that are most important to have in your first home. Maybe a dishwasher because you despise doing dishes, or 2 bathrooms because your partner hogs the one you share. Keep this list with you for every house you see and weigh each thing on the list when you think you’ve found ‘the one’. It that may only have 1/3 things, or 2/3 things on the list but, ask your self “How important is it to really have 2 bathrooms? Is it something that could be added/built on later?”



Location of Home


  1. Location

Location is a key factor when purchasing, there are many things to consider and ask yourself when looking in a specific location. Have you lived in the area before? (do you know what the town/street is like?) Is it in a nice neighbourhood? Or, is it out in the country? Have you considered the distance from the house is to your work or to a nearby town? Close to schools for children? What will the driving conditions be in the winter? (after all, we do live in Canada).


Sivze of your home

  1. Size

Size really depends on what your future plans and current needs. Do you enjoy having dinner parties and encourage guests to stay? Planning on having a big family? Will 2 bedrooms be enough for the next 3-5 years? Is there enough storage room for your belongings?


Reselling your Home

  1. Resell ability

If you’re purchasing your first home, it’s likely not going to be your forever home. Let’s say you own this home now, in 5 years you want to sell, are you going to be able to sell this home for the more than you paid for it? The same amount? How long will it be on the market? Is it a unique home that many people may not be interested in?  Will the area it is in be in high demand in the future? Close to the city?

When you are looking to buy, take time to consider each category above. Ask yourself different questions that come from these ‘categories’ it may help make your decision not only easier, but help you stay clear of buying a home that is so unique, that selling in the future may be difficult.