In 2011, $63 billion was spent in the renovation sector in Canada, exceeding new home construction expenditures by approximately $20 billion.
Often times, borrowers are fixated on their mortgage rate because it’s the one aspect of their home financing they know to ask about.
There are numerous reasons why homeowners choose to refinance their mortgages – everything from debt consolidation to freeing up money for their child’s education to using their home equity to buy another property. But the most popular reason for refinancing at this time of year is for holiday gift buying and entertainment.
Nothing is nicer on a cold winter night than curling up beside a warm fire. Gas fireplaces, in particular, can offer a clean-burning option with the convenient click of a button.
Regardless of how long you’ve had your mortgage or how large or small the current balance is, there are a variety of ways to make prepayments work for you to pay down your mortgage faster and, therefore, pay less interest throughout the life of your mortgage.