Financial management – who needs it? Well, as it turns out, we all do. If you are a moderately responsible adult who makes it a point to take care of all your bills when the right time comes, then youdoneed to do some budgeting and accounting. If you are one half of a partnership, then your financial resources are probably more significant – but this entails better financial management skills as well. As they say, with great power comes great responsibility – and this goes for financial resources as well.
Managing finances involves allocating for the future.
But financial planning is not just about paying the bills on time, or making sure that you have all the material goods you need each month. It also involves saving for the future and allocating your resources in such a way as to benefit your entire family, and also making sure that you have enough finances to set you up for a rainy day. Being prepared is better than being caught unawares.
If you are paying rent each month, take a minute to do a quick calculation. How much do you actually pay in rent every year? If the amount is surprisingly big for you, then it probably is. With that kind of amount, you are better off paying mortgage for your very own house, rather than letting someone else get rich with the money that you have earned.
Paying mortgage, or paying rent? Which is the better deal?
Obviously, the answer is simple. It is better to pay mortgage for a house, because at the end of the day, it is your own property. In a few years, you could choose to sell it or rent it out. Your property can be an investment that will be lucrative in the years to come.
But choosing the right property for your needs can be difficult. There needs to be the weighing or risk versus opportunity. Will you be able to afford mortgage payments over the long term, say, 10 years? How about paying for mortgage over a short span of time, like six months? You need to consider the amount of mortgage you will be paying each month, and how it will affect your monthly finances. When making a decision as big as buying property, you need all the help you can get.
Compare mortgage rates in Canada and see the big picture.
You don’t have to do extensive research to compare the best mortgage rates for your financial resources. You can see it all in one place: Ratesupermarket.ca. This site features the best mortgage rates in Canada, whether it’s from the big banks, credit unions, specialty lenders, or mortgage brokers. Aside from an independent comparison of the best mortgage rates on offer today, you can also take advantage of Ratesupermarket.ca’s mortgage calculator, mortgage broker rate listings, online mortgage applications, a mortgage rate outlook panel, a first time homebuyers guide, mortgage tips, mortgage statistics, a mortgage renewal reminder, and other tools that will make your mortgage shopping much easier. With the right info in your hands, you can make the right decision with ease.
Browse through over 500 mortgage rates from the top lenders on our site or call us today to speak to one of our expert mortgage advisors.
