1. Take advantage of the $1,350 home renovation tax credit; get your renovations done or buy your supplies by Feb. 1, 2010. Renovations may also qualify for EcoEnergy Retrofit Grants of up to $5,000.

2. Prepare for rising rates! If you are buying a new home, don’t borrow your maximum amount. Variable mortgage holders may want to consider setting their payments higher to create a cushion. Take advantage of your lender’s prepayment options.

3. Change from monthly payments to weekly or bi-weekly.

4. If you’re carrying high-interest consumer debt that is eating into your cashflow and racking up large interest costs, this is a great time to use your home equity to pay off those debts.

5. Take a look at re-advanceable mortgages, an excellent way to access equity for investing (tax deductible mortgage) or other needs without having to re-apply.

6. Try not to use credit to get you through a financial emergency. Put a small sum from every paycheque into a special emergency fund.

7. If you’re worried that your household income could decline, consider using some of your home equity to build a financial buffer.

8. When you are four months within renewal, touch base with your mortgage planner to discuss renewal options and strategies.

Take the time to meet with your mortgage planner and get your blueprint that incorporates what may be ahead in 2010.

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Mortgage Planner / Mortgage Architects

Krista L. Zingel,  AMP
FSCO Agent # M08004303 Brokerage #10287
Phone (705) 789-3911  Fax (705)789-4819 email: krista.zingel@mtgarc.ca
www.mortgagearchitects.ca/zingel