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Sometimes paying down your mortgage faster is not the best option!
Don’t feel like watching? Check out the video transcript below.
“Paying down your mortgage faster may not always be the right choice for you. We recommend you pay down your unsecured debt like credit cards and lines of credit, contribute to the maximum of your RRSP and TFSA before you decide to pay down your mortgage faster. At mortgage rates around 3% and credit cards at 20% it makes sense to pay down your unsecured debt first. Once your debt is paid off and you want to look at doing a payment increase feel free to give us a call for some expert advice.”
Have any more questions, feel free to contact us!