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Expert Mortgage Advice

Serving Barrie & The GTA

10 Ways To Save A Down Payment

If you are considering buying a home or investment property, saving for a down payment can be a challenge. Here is how to get started: Tip#1 – Set a goal. Tip#2 – Determine the down payment required. Tip#3 – Open a separate savings account for your downpayment. Tip#4 – Keep a budget..make sure it includes monthly contributions to your down payment account for your home purchase. Tip#5 – Live below your means while saving for a down payment. Tip#6 – Consider a part-time job and deposit the additional income in your down payment house account. Tip#7 – Direct all your extra income such as raises, bonuses, tax refunds, into your down payment account. Tip#8 – Pay off your debt as quickly as possible so you can save in unnecessary interest costs. Take your savings and allocate toward your down payment house account. Tip#9 – Consider using your RRSP to help with your down payment. Speak to a financial advisor to guide you along the way Tip#10 – If saving is taking too long consider a lower value home. Once you are in the market and building equity, you can always move...

Mortgage Options – Open or Closed?

Getting a mortgage for a first home or a secondary property is a big investment. In this video, CIBC Mortgage Advisor Tim Shwed helps you start the process off on the right foot by explaining the difference between open and closed mortgage...

Options For Using Home Equity To Fund Goals

Expert Mortgage Advice Your home is probably one of the most valuable assets you have. In this video, CIBC Mortgage Advisor, Tim Shwed, discusses how you can use the equity in your home to purchase a secondary property, do home renovations, or even go on a...
Watch me on the Marilyn Denis Show!

Watch me on the Marilyn Denis Show!

Here is a quick summary of the segment: Return on Investment — Influencing Factors: Your home’s value relative to other homes in your neighborhood. A key consideration when looking at doing a renovation is understanding the value of your home which can help guide the decision on an ideal renovation investment amount. Is it in the lower, middle or upper value of homes within your neighbourhood? A home in the lower to middle value can see more return on investment than perhaps a home that’s in the higher value. The length of time you take to pay off the renovation financing. It’s in your best interest to pay off your renovation financing as quickly as you can to maximize your return on investment. The longer you take to pay off the debt, the more in interest you’ll be paying out which affects your overall return. Renovations such as replacing a furnace, installing new windows or a roof will improve heating/cooling efficiencies within your home that lead to monthly cost savings for you and adds to your overall return on investment. Financing your Renovation: When considering your options for financing your renovation, you’ll also want to consider how the costs will fit within your overall financial plan and have a clear approach for repaying the debt you incur along the way. With any renovation budget, it’s wise to keep a close eye on it – track your expenses to maximize on your investment. Draw on Savings If you are able to draw on savings to fund part or all of your renovation, it may be the best option. Be sure...