Time and money - how often do we find ourselves with enough of either? My mission is to ensure our planning helps you make choices that will give you more of both. I have spent the better part of the last decade as a Branch Manager with a major Canadian Bank - I know how to tailor financial solutions for any need. With 18 years total experience in the banking industry, I have extensive experience in debt planning, restructuring as well as home purchase financing. Whether this is your 1st or 21st time assessing your finances, my advice can enhance your life for the better. ...
CTV Morning Live: Mortgage Minute - April 28
Date Posted: April 30, 2015
On this week's episode of the Mortgage Minute, Frank Napolitano discusses the different mortgage options available to you when planning to purchase a new home. Some of these include a HELOC (home equity line of credit(, fixed mortgage loan or a variable mortgage loan. Frank suggests not starting out your mortgage with a home equity line of credit as interest rates are higher than the fixed or variable mortgage rates, by almost a whole percent. A HELOC is great for having the funds available to complete renovations or for emergency situations. Your monthly payment is typically interest only, so you aren't reducing the outstanding balance by paying the minimum payment.
It is important to discuss all details of your mortgage with a professional. Contact one of our Mortgage Brokers for advice.