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Five Crazy Ways I Like To Save Money
Saving money is a very personal thing. Everyone values things differently. You and I each have our own personal values. What we like. What we dislike. Even if we have the same income and live in the same area we’re still going to have very unique budgets because we value things differently.
Take me for example. I value time and freedom. I value time with my family and friends. I value the freedom to choose how I spend my time. I value these things more than other things and I’m willing to make sacrifices to give me more time and freedom.
My budget reflects what I value. I save money on things that I don’t value and I spend money on things that I do. Some things I choose to save money on might seem crazy to you, or it might seem normal, it all depends on what you value.
I’m going to share with you five crazy things that I like to do to save money. Depending on what you value, you might I’m absolutely insane, or you may think I’m completely normal.
What crazy ways do you save money? What do you value? Make a comment at the end of the post.
What Is Mortgage Insurance? And Why Do I Need It?
Mortgage insurance is one of those things that most first-time home buyers run into when buying a home. Unless you’re lucky enough to save up a 20% down payment you probably need to get mortgage insurance on your home.
So, what is mortgage insurance exactly? And why do you need it?
Mortgage insurance is a requirement for all homes with under 20% down payment (Some banks even require it for down payments of 20%+. But in those cases it’s the bank making that decision, it’s not actually mandatory).
Mortgage insurance helps protect the lender in case you default on your mortgage. It’s a way to provide stability to the housing market. The largest provider of mortgage insurance is the CMHC, a federally backed agency. This means that the federal government is essentially backing the Canadian housing market, and this adds a lot of stability for buyers, sellers and lenders.
How Do I Make Mortgage Payments?
Getting a mortgage for the first time can lead to all kinds of questions… one of those questions might be “how to do repay my mortgage?” or maybe you’re wondering “how do I make mortgage payments?”.
As a first-time home buyer you probably have no experience with mortgage payments, and you probably have a few questions. Sure, maybe you overheard your parents talk about their mortgage, or maybe you have a few friends with mortgage payments already, but if you’ve never had a mortgage yourself, you’re probably wondering how you make payments.
By comparison paying rent seems easy. When you’re a renter you sign a lease, hand over some checks, and the money comes out of your bank account each month. Pretty simple right?
But there is something about a mortgage that makes the whole thing seem a bit more daunting.
Things get even more confusing when you realize there are different types of payments. You have regular mortgage payments, top-up payments, and lump sum payments. You can also choose the frequency of payments, monthly, semi-monthly, bi-weekly etc.
Often these are things you’ll need to consider before signing your mortgage contract.
In this post, we’ll cover some of the different types of payments, fees you may face if you break your mortgage and some tips for changing payment dates and payment frequency.
This is good information to know before you sign your mortgage contract.