Inflation – Where can savings be found?

02/08/2022

Eight dollars for milk.  Six dollars for butter.  Meat – let’s not even go there right now.

Inflation has been hitting Canadians hard.  Statistics Canada has pegged the living increase at 4.8%, with food prices going up at their fastest rate in 30 years.  With many young parents feeling the crunch of new childcare expenses – while simultaneously being on a reduced income, some are asking:  where can savings be found?

The answer may lay in your own home – refinancing your mortgage, to be precise.

It makes sense to refinance a home when it will save you money or make paying your monthly bills easier.  The process is simple:  at zero cost to you, a mortgage broker (like me) can look at your existing mortgage and run the numbers to see if and how much you can save monthly by either debt consolidation (through the existing equity in your home) or lowering your interest rate.  Credit cards or line of credit?  Rolling these balances into your mortgage can reduce interest paid by thousands of dollars – and reduce their associated stress.

I absolutely love this math and educating new parents in the ins and outs of real estate finance – with no obligation or pressure.  Us parents need to help each other!

Contact me at any time via text, email, or phone call to see how I can help.

https://www.mortgageweb.ca/melaniebevan