Comments on: Increasing Your Mortgage Payment

By: finance help

finance help — Tue, 09 Feb 2010 11:09:12 +0000

Especially after the finance crisis banks are being careful with offering mortgages to buyers and are making sure they can afford what they are borrowing so if something does happen like a job increase and more money is available then the smart move would be to pay your mortgage off quicker by paying in more money a month which as well will reduce the interest you pay overall and the banks will not totally mind as they get their investment back fully and at lease with some profit for it.
finance help´s last blog ..30 Year vs. 15 Year Mortgages

By: Control Your Spending With A Budget - Canadian Finance Blog

Control Your Spending With A Budget - Canadian Finance Blog — Wed, 27 Jan 2010 10:02:43 +0000

[...] Once you have reduced your spending and are debt free, the final part of your budget should be allocating your remaining money to savings. Your first priority should be to have an emergency fund for the unexpected expenses I mentioned above. Chances are, your minimum emergency fund should be $1,000 to $2,000, so plan out your savings to achieve that amount as soon as you can. With the emergency fund taken care of, you may want to focus on an RRSP, TFSA, RESP or maybe paying down more of your mortgage. [...]

By: Friday Links | The Canadian Finance Blog

Friday Links | The Canadian Finance Blog — Fri, 02 Oct 2009 09:05:05 +0000

[...] OneMint included Increasing Your Mortgage Payment in this week’s Economy and Your Finances Carnival. [...]

By: Economy and Your Finances Carnival 27th September

Economy and Your Finances Carnival 27th September — Sun, 27 Sep 2009 08:02:32 +0000

[...] Drake presents Increasing Your Mortgage Payment | The Canadian Finance Blog posted at The Canadian Finance Blog, saying, “By increasing your bi-weekly payment, you would [...]

By: CanadianFinance

CanadianFinance — Sat, 11 Apr 2009 04:10:40 +0000

Gregg,

This depends on a couple things. I wouldn’t put more than $2,500 a year into RESPs per child since the Canada Education Savings Grant doesn’t apply beyond that. With the employer plan, some have a limit where you can put more in but they don’t match it, do you put the maximum in that the employer matches and not any more?

Assuming you are only contributing up to $2,500 into the RESP and only contributing up to the limit that the employer matches in your RRSPs, I’d keep doing that. The free money that you get from that beats any benefit you’d get from paying down your mortgage.

If however, you are paying over the limits on either of these, you might be better off taking that extra amount and decreasing the principle on your mortgage.

And of course, using your tax refund and paying down your mortgage lets you do all three.

By: Gregg

Gregg — Fri, 10 Apr 2009 19:14:55 +0000

My wife and I have debated the choice between investing and paying off the mortgage.
In our case we have a $220,000 mortgage at 4.5% fixed, amortized over 40 years with payments of $1000 per month. He have no other debt. We invest $900 per month in two different programs, RESPs, and the Employer Deferred Profit Sharing Plan (RRSP). We practise a zero balance budget system and all our money is allocated, so there isn’t money left over at the end of the month. The RESP makes 20% plus what the market returns and the RRSP makes 100%(because of matching) plus the market return.
Does it make sense to stop investing and pay off the mortgage?