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Water is our most precious resource on earth; every living organism is dependent on it for survival. Less than 30% of people around the world have access to safe drinking water. As the climate changes, we will likely see that access to clean and safe water will become more important than ever. While access to clean water is not an issue for most Canadians, it makes sense to be more water conscious for the following reasons:
We all can take immediate steps starting in our own households to more efficiently use water so there is enough to go around. Be water conscious Fix leaks Use low water flow fixtures Wash full loads Replace old appliances |
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Mortgage rates are at their lowest in years. Here are a few issues to consider, whether you are taking a new mortgage on a home purchase, or re-newing your mortgage term.
You want to make sure you get the best interest rate. If you go to the financial institution you are currently dealing with, you will most likely be quoted the "posted rate". This rate is generally up to 1% higher than you should have to pay. Doing some competitive market research before hand can be helpful to negotiate a better rate.
Open vs Closed Mortgages
When selecting a mortgage, you can choose to pre-pay it in part of full at any time without any penalty. This is called an "open" mortgage. You pay a slightly higher rate for an open mortgage, as the lender has no certainty if you will pay it off before the end of the term. Alternatively, you can lock a mortgage for a period of time at the same rate, e.g. for 3 or 5 years. This is called a "closed" mortgage. If you pre-pay a closed mortgage before the term is over, you will have to pay a penalty.
Fixed vs Variable Interest Rate
When you take out a mortgage, it could be at a fixed interest rate for the duration of the term, e.g. 5% for the 5 year term, or it could be at a variable rate. This is generally set at the prime bank rate or below that, and can vary weekly based on any change in the prime rate. Generally, a variable mortgage is lower than a fixed mortgage. Some people prefer rate certainty for the term so they can budget accordingly. Others prefer to monitor mortgage rates and convert to a fixed rate mortgage if the rates start going up.
Monthly Payments vs Accelerated Mortgage Payments
Many people routinely pay their mortgage payments monthly. However, if you pay more frequently than that, e.g. every 2 weeks or every week, your savings on interest over time is phenomenal.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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