Friday, September 28, 2012, AM | 9 Comments
Financial planning is undoubtedly tricky. If you are one of the millions who struggle with managing your finances, then you definitely know what we’re talking about. One simple mistake or oversight can cost you a lot of time and effort, and if the accounts don’t balance, then you may be in for some extra work.
But financial management doesn’t have to be difficult. As long as you know where your money is going, and are able to prepare for the future step by step, then you can rest easier.
Financial advisers would be quick to tell you that keeping track of your expenses is the best way to manage your finances – and this could easily be done. What’s more difficult is planning ahead and saving money for the future.
Planning for the future is easy – if you have the right information
Budgeting foresight is crucial if you are thinking of making a major purchase in the next few years or months. You need to allot various expenses properly and have enough foresight to determine whether you can afford this big decision.
Let’s take buying a house, for instance.
Everyone knows that property is always a good investment. But the question is, can you afford it? How will you pay for it? What are your available options on property payment? Here’s some good news, however: if you plan your finances properly and do the right research, then you can definitely afford a house of your own.
Investing in property made easier
If you already have your eye on a specific piece of property, then now is the time to cover all your bases before you move forward. With this, we mean doing your homework, comparing mortgage rates, and perhaps speaking to a mortgage specialist.
Moreover, you need to do some crucial computation to determine how much of your and your partner’s salary can go into mortgage payments.
Keep in mind that you can opt for a 6-month mortgage plan or even up to a 25-year plan depending on your financial resources.
Whether you’re a first-time buyer or already have property of your own, it is wise to weigh the risks and asses your risk tolerance. Which rate would be best for you? A fixed rate or a variable rate? With the help of an impartial expert, you can save a lot.
Comparing mortgage rates is also crucial before you take that step. You can now compare over 500 mortgage rates ontario and the rest of Canada with the assistance of Ratesupermarket.ca. We continuously update our mortgage rate listings from the biggest lenders, and offer an objective view on the various rates available so you can make an informed decision.
Moreover, Ratesupermarket.ca offers a wide range of mortgage tools and resources, which include a mortgage calculator, an affordability calculator, a mortgage rate outlook panel, a first time homebuyers’ guide, mortgage tips, and more.
Check out the listing of fixed and variable rates from 6 months to 25 years available on our site, or contact us today to speak with a mortgage specialist.
Image credits: http://www.flickr.com/photos/59937401@N07/5857387835/Facebook.com/doable.finance
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