Interest rates: Signs of anxiety
Filed Under Main Content · Tagged: Anxiety, Bad Move, Bank Of Montreal, Chunk, Colleagues, Confusion, Contagion, Financier, Fixed Mortgage Rates, Fixed Rate Mortgage, Friends Relatives, Globe And Mail, Globe Mail, Interest Rates, Massive Outbreak, Prepayment Options, Retirement Savings, Well Meaning, Year Fixed Rate Mortgage, Year One
Globe and Mail- Banks are driving up mortgage rates much faster than anticipated, sparking a massive outbreak of confusion among consumers.
It’s an outbreak that has a high degree of contagion – advice from well-meaning friends, relatives or colleagues often seems to make the symptoms worse.
Part of the problem, experts say, is that every borrower’s situation must be evaluated individually.
For instance, it makes sense for a chef with little retirement savings to lock in the cheapest rate going. But that could be a bad move for a Bay Street financier who might want to pay down a chunk of her mortgage when she gets her bonus next year.
One of the cheapest long-term fixed mortgage rates right now is Bank of Montreal’s discounted five-year fixed-rate mortgage. But it comes with strings. Customers who sign on must agree to a term of 25 years or less, and their prepayment options are limited. The only way to break the mortgage is to sell the house…
Interest rates: Signs of anxiety – The Globe and Mail
Canada’s working ‘retired
Filed Under Main Content · Tagged: Canada Pension Plan, Debts, Guaranteed Income Supplement, Oas, Old Age Security, Ottawa Citizen, Retirement Savings, Toronto, Townhouse, Traditional Components
Ottawa Citizen, Ottawa, Ont – When Toronto resident Charlotte Neal, 68, retired three years ago, her financial plan included some fairly traditional components. There was income from Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). Ms. Neal had about $100,000 in registered retirement savings and she also owned a mortgage-free townhouse and had no other debts…
What the pros know
Filed Under Main Content · Tagged: Bc Bearing, Certified Financial Planners, Cookie Cutter Solution, Financial Experts, Hurricane, Investment Approach, Investment Strategies, Retirement Savings, Times Colonist Victoria, Times Colonist Victoria Bc, Weathering
Times Colonist, Victoria, BC – Bearing in mind there’s no cookie-cutter solution to meet everyone’s needs, the Financial Post asked three financial experts, all certified financial planners, how they’re weathering this financial hurricane, their investment approach and the strategies they’re adopting to safeguard and grow their retirement savings…
