Take advantage of interest rate changes on Guaranteed Investment Certificates by staggering (or “laddering”) your investment in several GICs with different maturity dates.
Maximize your prepayment privileges to lower interest charges. Ask your broker or lender about ways to reduce the cost of your mortgage and pay it off sooner.
Choose a shorter amortization to build home equity faster. You can use equity to save for other financial priorities, such as retirement or a child’s post-secondary education.
Create an emergency fund so you don’t rely on credit or a loan during an emergency. Simply direct a small monthly amount into a high interest savings account and build up your fund.
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