Invis – West Coast Mortgages Blog, Comox Valley's Mortgage Brokerage

In a few weeks we’ll be in full gear getting ready for the holiday season. But before you begin your holiday baking, or get started on your holiday shopping list, here’s a tip for enjoying real financial comfort and joy this festive season: do a holiday debt-check!

Why do a debt-check just when you’re getting excited about the holidays? Well….that excitement is the reason you want to have a cool, intelligent appraisal of your financial situation. It’s tempting to overspend at this time of year. That’s why so many Canadians suffer from “plastic shock” when their credit card bills arrive in January.

Do a quick assessment. Are you carrying too much credit card or other high interest debt right now? Do you have a fund set aside for holiday shopping? Are you struggling to keep up with your monthly obligations? If you answered “yes” to any of the above, it’s worth having a conversation about streamlining your finances before the holidays are upon us.

We have access to some great rates right now, and can help set you up with a smart plan with sensible payments, and smooth sailing through the hectic holidays and into the new year.

Worried that your locked-in mortgage means your options are limited? We can do a quick check – there’s a good chance the savings each month will far outweigh any penalties.  Here’s one client example:

Joe’s mortgage, car loan and credit cards totalled $225,000. We helped Joe roll that debt into a new $233,000 mortgage, and even paid a fee to break the existing mortgage. But look at the payoff:

Today:  Mortgage        $175,000             @ $969 per month

                 Car loan           $  25,000              @$495 per month

                 Credit cards    $  25,000              @$655 per month

                 Total                                                          $2,119 per month                        

New Monthly Payments on new $233,000 mortgage: $1,176.00 per month.

That’s $943 less each month – a huge improvement in cash flow! Joe’s planning to put tax returns and holiday bonuses against his mortgage principal – and he’ll be out of debt well before his original timeline – with some real peace of mind about his finances.

Give us a call. We love to help at this time of year. Financial comfort and joy: that could be one of your best gifts!

*4.5% current mortgage, 3.6% new mortgage, 25 year amortization. Credit cards 19.5% and car loan 7%, both at 5 year amortization. OAC. Subject to change. For illustration purposes only.