Friday, August 14, 2009

What do they mean by that ?

Here's our next entry: What do they mean by "acceleration" ?

According to our mortgage broker reference Marshall Spencer AMP, Mortgage Broker License # M08000817, acceleration is an expression usually used when a person has chosen to repay their mortgage payment on a weekly or biweekly basis although it can apply to any repayment program. All mortgages are drawn up showing a requirement that payments are made on a monthly basis. Most lenders nowadays will allow the borrower to divide their monthly payment in half for biweekly payments or in quarters for weekly payments which means that in stead of paying 12 monthly payments in a 52 week year, a borrower is actually paying 26 biweekly payments or 52 weekly payments in that same period. This means paying the equivalent of 13 monthly instalments in the time period where you would have only paid 12 under normal circumstances.

Since you are paying an extra payment - without penalty - you will save money by paying the mortgage down faster.

You can also accelerate your mortgage repayment but leave you payments on a monthly basis. By taking advantage of privileges normally written in to the contract to allow you to pay an extra 15% or 20% or increase your normal monthly payment amount by 15% or 20% you can also accelerate the replayment of your debt and save interest in the long run.

Tuesday, August 11, 2009

Great news for Variable Rate Mortgages

If you are looking for even better value in a variable rate mortgage, our licensed mortgage broker tells us of one lender's innovative product offering.

Variable rate product available at prime + .15% (2.40%)

On approved credit, select a maturity date between March 19th, 2012 and May 31, 2012 and close within 60 days of commitment and you can provide your clients with this outstanding variable rate value. Please note that this offer is not available on a Stated Income Program, Secondary Home Program or Small Rental Program. Subject to lender approval and of course the offer may be revoked at anytime by the lender.

A five year variable rate mortgage is also available at prime plus .40% (2.65%).
Contact a licensed mortgage broker for full details.

Sunday, August 9, 2009

Get Organized for Back to School Time

At back to school time, it is just as important for parents to organize their own responsibilities as it is for them to get their children ready.

Here are some tips to help you minimize headaches at this busy time of year.

Starting at the beginning of August:

1) Schedule any doctor’s appointments your child needs.
2) Determine any before or after-school care you may need & make the proper arrangements.
3) Designate a “school information area” in your house where you can keep announcements, trip slips and correspondence. This is also a great place to post a family calendar so all family members know what to expect in the upcoming days.
4) Transfer all information from your child’s school calendar onto the family calendar so everything is in one place. You’ll avoid double–booking appointments & activities. Try using one colour for each child.
5) Find a location where your children can do their homework without being sidetracked.
6) Designate a “drop area” where each family member can store backpacks, coats, lunch boxes, laptops, shoes etc. Use hooks, cubbies, tables or a chest of drawers to organize items in this area. Whether this area is near the doorway or in a mudroom, it will prevent kids from throwing everything in a pile when they walk in the door.
7) Shop for back to school clothes.
8) Help your children’s bodies adjust to their new schedule by setting & following bedtime & wake-up routines two or three weeks before school begins. Good sleep habits ensure your children will be properly rested from the very beginning of the school year.
9) Practice the morning school routine with younger children before the first day of school. Have a set schedule and consequences for being late.
10) Set up a three-ring binder to hold all the important school papers that you may need to refer to in the future. Use colour-coded dividers for each child.
11) Purchase back to school supplies. Be sure to include any supplies needed for extracurricular activities.

Quick Tip

Organizing with Kids

Here is a simple, effective system for getting your kids organized:
Plan with a goal in mind, Sort through the clutter, Organize what is left and Maintain your space each day.

It is important to give kids control so they don’t see tidying as a chore. Keep it simple: the more gadgets you use, the less likely they are to follow the plan. Keep categories straightforward & age-appropriate. Make sure containers can be opened easily by your child.

Make the storage accessible so they can reach it safely. Use colour: let them pick favourite colours that have meaning for them.

Most important, have fun organizing with your kids. Before you know it, they will be keeping their space clean themselves!

Janet Marks is a professional organizer operating in the GTA. Her services help home owners and small business organize themselves, leading to less stress, increased efficiency & more energy.