Get More Out Of Your Mortgage

Mortgage hacks to save you money

You’ve likely heard of “life hacks” – quick and easy tweaks made to your living habits that make your day-to-day that much smoother. Well, what if you could apply the same thinking to your mortgage – simple changes that lead to a whole lot of return on your investment?

This week, we’re looking to do just that, and have identified a few ways to save even more on your mortgage. Whether you’re exploring your financing options, considering a renter, or even paying your mortgage off completely, read on for our tips and tricks.

Should You Use The Smith Manoeuvre On Your Mortgage?

The Smith Manoeuvre is a method of blending mortgage financing, a line of credit and select investments in order to claim a tax refund on your mortgage interest payments. Seems like a pretty savvy strategy, right?

Before you jump right in and take out a line of credit, take a look at our breakdown of Smith Manoeuvre basics.

Read Allan’s Blog | Should You Use The Smith Manoeuvre On Your Mortgage?

The Final Mortgage Payment: What You Need To Know

There’s tons of info out there about getting your first mortgage, or refinancing your existing agreement – but what about when it’s almost entirely paid up? It’s certainly easy to be giddy when approaching the end of your mortgage – but there are a few financial decisions you can make to save even more on those last few interest payments.

Read Diane’s Blog | The Final Mortgage Payment

Should You Get An Investment Property?

Purchasing a rental property and taking on tenants can be a great way to generate some extra income – but it can be a financially complex strategy that takes time to earn a return on investment.

From picking the right renters, to qualifying for a second mortgage, here’s what you need to know when taking on an investment property.
Read Melanie’s Blog | Should You Get An Investment Property?

Don’t forget to catch up on this week’s top finance headlines!

September Fixed Mortgage Rates To Remain Steep As Bond Yields Climb

There’s no cooldown expected for September fixed mortgage rates as government bond yields are pushed higher by worried global investors. Variable rates, however, will remain on course for moderate change in 2014.

 Read Kelvin’s Blog | September Fixed Mortgage Rates To Remain Steep

Eurozone Recovery Sends Mixed Messages

Headlines have touted a recovery from recession in the Eurozone, but the region is still plagued by record high unemployment, deep debt and austerity measures. Are better times really on the horizon?

 Read Rubina’s Blog | Eurozone Recovery Sends Mixed Messages

Verizon: Good News For The Big Three, But Consumers Miss Out

Verizon Communications Inc. has passed on entering the Canadian mobile market, putting to rest speculation that more choice and lower prices would become a reality for Canadian smartphone consumers.

Read Sean’s Blog | Good News For The Big Three

How To Be A Landlord: Tips From My First Year

Considering taking on tenants to help pay your mortgage? Renting out a portion of your home is no easy feat. Check out these great first timer tips from Money Wise writer and seasoned landlord Sean.

 Read Sean’s Blog | How To Be A Landlord

Your Frugal Frosh Week

Frosh week can be a time of excess – especially for your wallet. Want to pinch pennies and still manage to party? Check out our campus budget tips.

Read Andrew’s Blog | Your Frugal Frosh Week

You Answered!

This week, we asked our readers:

Would you try one of these financial strategies to pay off your mortgage faster?

54.2% say they’d consider renting out part of their home to tenants to shoulder some of the mortgage burden.

31.1% say they’d turn to other borrowing methods to boost their down payment and decrease their overall amortization.

14.6% would try an investing hack such as the Smith Manoeuvre.

Want your chance to win? Answer this week’s Q:

Do you always buy travel insurance when planning for a trip?

Thanks for tuning in this week! Need more Money Wise in your life? Give us a shout on Twitter and Facebook, or leave a blog comment!

Related Topics

Mortgage News / Mortgages

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